leadership through innovation - … prudential life insurance company limited annual report 2006-07...
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ICICI PRUD
ENTIA
L LIFE INSU
RAN
CE COM
PAN
Y LIMITED
Annual Report 2006-07
Leadership through innovation
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED
Registered Office: ICICI PruLife Towers, 1089 Appasaheb Marathe Marg, Prabhadevi, Mumbai 400 025.
Tel: +91-22-4039 1600 or visit us at www.iciciprulife.com
Annual Report 2006-07
I CONTENTS I
Board of Directors 2
Board Committees 4
From the CEO’s Desk 6
Performance Highlights 8
Market Leadership 10
Innovative Product Portfolio 13
A Foundation of Trust 16
Creating Value from Talent 19
Services to Facilitate Accessibility 22
Director’s Report 27
Financial Statements 32
New Business Profit 113
2
I BOARD OF DIRECTORS I
Ms. Kalpana Morparia Mr. H.T. Phong
Mr. K. V. KamathChairman
Ms. Chanda KochharMr. Barry Stowe
3
Ms. Shikha SharmaManaging Director & CEO
Mr. Keki Dadiseth
Mr. R. Narayanan Mr. M. P. Modi
Mr. Bhargav DasguptaExecutive Director
Mr. N. S. KannanExecutive Director
I WHOLETIME DIRECTORS I
4
| BOARD COMMITTEES |
Governance Committee
Ms. Kalpana MorpariaChairperson
Mr. H.T. PhongMs. Shikha Sharma
Investment Committee
Ms. Kalpana MorpariaChairperson
Mr. H.T. PhongMs. Shikha Sharma
Mr. N.S. Kannan
Mr. Azim MithaniMr. Puneet Nanda
Risk Management & Audit Committee
Mr. M.P. ModiChairman
Mr. H.T. Phong Ms. Chanda Kochhar
5
Grievance Redressal Committee
Mr. R. NarayananChairman
Mr. V. Rajagopalan Ms. Anita Pai
Joint Auditors
M/s. Walker, Chandiok & Co.Chartered Accountants
M/s. Haribhakti & Co.Chartered Accountants
Management Committee
Ms. Shikha SharmaMr. N.S. Kannan
Mr. Bhargav DasguptaMr. Azim Mithani
Ms. Anita PaiMr. Puneet Nanda
6
| FROM THE CEO’S DESK |
Dear Shareowners,
India has witnessed an unprecedented economic upswing
over the last decade, seeing sustained growth in several
key sectors including financial services, manufacturing and
telecom. In the same spirit, life insurance too has evolved into a
thriving industry.
In the past year, we have witnessed the entry of new companies -
both Indian and foreign - as well as the introduction of several new
products and enhanced distribution strength. These developments
have spurred greater customer awareness and acceptance of life
insurance and have driven the industry to achieve growth of more than 90% over the previous year.
The introduction of the new regulatory guidelines for unit-linked products provided momentum for the
industry to refine our existing products and at the same time, better meet our consumer requirements.
For ICICI Prudential Life Insurance, financial year 2006-07 was the year of growth across all aspects
of the business. Annualised Premium increased 103% to Rs. 43.81 billion and New Business Profits
were up 67% to Rs. 8.81 billion. We maintained our market share at around 29% of the private market,
consolidating our leadership position amongst the even wider set of private companies.
But numbers alone will not give you an insight into ICICI Prudential Life’s journey and accomplishments
thus far. I would like to share with you the vision we defined for ourselves when we began operations,
which has served as the driving force of our strategy and success.
When ICICI Prudential Life ventured into the Indian life insurance market over six years ago, we aspired
to revolutionise the industry. With a clear commitment to delivering on existing and emerging customer
needs, we developed a business model that would empower us to do that. We charted our path by
crafting our vision statement - “To be the dominant Life and Pensions player built on trust by world
class people and service” - a vision that is both inspiring and challenging for the team. We have, over the
years, successfully converted the challenges into opportunities and in the process reinforced our position
as both market leaders and thought leaders. The following pages capture our efforts and achievements
that mark the milestones in our march towards our vision.
Possibly the biggest hallmark of our leadership is our consistent effort to research customer needs and
develop products to meet them. Over the past year we have launched several path-breaking products
and introduced service innovations. Our Annuity Card, the first of its kind in Asia, helped simplify life
for pensioners by offering them easy access to their pension. Cancer Care was exclusively designed to
7
provide adequate financial resources to those who might suffer from cancer and enable them to access
the latest medical treatments. Diabetes Care, a uniquely structured critical illness insurance product for
Type 2 diabetics and prediabetics heralded a breakthrough for the insurance sector worldwide.
Apart from launching research-driven, innovative products to meet varied customer needs, it is our
constant endeavour to increase transparency levels and offer a comprehensive sales and service
processes to our customers. These efforts have not only gained us customer trust but also garnered
us recognition. ICICI Prudential Life was recently ranked ‘The Most Respected Private Life Insurer’ by
Businessworld magazine, a heartening affirmation of our aim to provide world-class service.
One of the main challenges of operating in a booming economy is that of attracting talent. We consider
it one of our biggest achievements that today well qualified and enthusiastic young people, looking for
challenging and rewarding opportunities, want to be a part of one of India’s most exciting industries
and actively choose us as their preferred employer. In the past year, ICICI Prudential Life has more
than doubled its staff base to over 16,000 energetic team members, raring to bring life insurance alive
for our customers. Over the years, we have empowered our management teams to showcase their
entrepreneurial skills and develop and execute winning strategies, resulting in ICICI Prudential Life
retaining the best of talent in the industry, including our senior management.
As we step into the new financial year, we have yet again raised the bar for customer centric product
innovations and customer satisfaction, not only for ourselves but for the industry as well. I look forward
to your continued participation in our future success as we move further ahead towards realising our
vision.
Warm regards,
Shikha SharmaManaging Director & CEO
8
| PERFORMANCE HIGHLIGHTS |
Over US$ 1 billion in new business APE in FY 07
0
10.00
20.00
30.00
40.00
50.00
FY 07FY 06FY 05FY 04FY 03
2.54
7.06
12.56
21.63
43.81
0
2.00
4.00
6.00
8.00
10.00
FY 07FY 06FY 05FY 04FY 03
0.71
2.04
3.12
5.28
8.81
Value Creation
Rup
ees
in b
illio
n
0
20.00
40.00
60.00
80.00
100.00
120.00
140.00
160.00
FY 07FY 06FY 05FY 04FY 03Debt Equity
95.08
63.10
45.69
42.5210.48
27.83
13.28
3.35
6.100.56
Growth in New Business Premium
Assets Held
4 year CAGR - 104%FY 07 growth - 103%
4 year CAGR - 88%
4 year CAGR - 121%
Annualised Premium Equivalent
67% growth in NBP in FY 07
Rup
ees
in b
illio
n
New Business Profit
Rup
ees
in b
illio
n
6.66
16.63
38.31
88.21
158.18
Strong renewal flow leading to expanding asset base
9
| PERFORMANCE HIGHLIGHTS |
0%
10%
20%
30%
40%
50%
60%
70%
80%
FY 07FY 06FY 05FY 04FY 03FY 02
74%
54%
26%
17%14% 14%
Policies Distribution
Expense Ratio
0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
Mar '07Oct '06Feb '06Oct '04Dec '00
0
1
2
3
4
8 months
Mill
ion
Exponential increase in policy base - re-affirming customer faith
Flat expense ratio despite aggressive expansion
Added more than 1 branch a day and tripled advisor base in FY 07
44 months
16 months
5 months
March’07 March’06
Location 421 132
Branches 583 177
Staff 16,300 7,700
Advisors 234,000 72,000
10
Leadership“Leadership should be
born out of the understanding
of the needs of those
who would be affected by it.”
- Marian Anderson
ICICI Prudential Life
Bajaj Allianz
SBI Life
HDFC Standard Life
Max NYL
Birla Sun Life
Reliance Life
AVIVA Life
Others
27.7%
22.0%
8.8%
8.6%
5.4%
4.9%
4.9%
4.6%
13.1%
| M A R K E T L E A D E R S HIP |
For ICICI Prudential Life, dominance means not only market leadership, but also
signifies strength – financial, people, product and processes. We believe that the
path we have carved today gives us a distinct and lasting competitive edge and
is one that will lead us to sustained leadership.
A position of leadership
In the past year, the life insurance industry saw greater growth than it has seen in
several decades. For ICICI Prudential Life, which set out to be the leader amongst
the private sector players, the task was clear - maintain profitable market share in
a growing market. In the face of heightened competition, it was no small task.
The performance has been heartening. Premium income doubled and 1.96 million
new policies were written during the year, making us the first private life insurer
to cross both the 3 million and 4 million policy marks. What’s more, each of the
million policies have been added at a faster rate than the previous million, making
ICICI Prudential Life’s customer base the largest amongst private life insurers.
These achievements have resulted in ICICI Prudential Life maintaining its retail
weighted market share at 27.7% of private players and 9.9% of the total market
(source: new business premiums published by IRDA), reaffirming our position as
the No.1 private life insurer.
FY 07 also marked the first year in which we became private sector leaders in the
group insurance segment. The 205% growth in group premiums, resulting in a
market share of 34.3% amongst private players, has been driven by achievements
in the mortgage and retirement benefit products, as well as value added services
such as trust advisory services that give clients an edge.
LEADERSHIP
Dominance is to be distinctive, to stand head and shoulders above the rest and grow from strength to strength. It is to be a leader - across segments, amongst competitors and most of all, in the minds of our stakeholders.
Private Retail Market Share
Source: IRDA, weighted new business premiums for individual business - FY 07
11
Getting closer to the customer
Buying a life insurance policy is one of the most important financial decisions a
person makes. The purchase process is often long and iterative and requires the
customer to seek advice from an advisor or financial consultant. To effectively tap
the opportunity that exists across the length and breadth of our country, FY 07
was a year in which we significantly scaled up our distribution network. Over 400
customer touch points were added in the year, taking the total branch strength
to 583. The advisor force tripled, rising to 234,000 advisors. To exponentially
expand our distribution in an efficient manner and offer customers alternative
channels to reach us, we also strengthened the non-agency channel - comprising
bank partners, corporate agents, brokers and direct marketing - which has grown
to contribute nearly 40% of the business in the past year.
Imperative to our strategy of getting closer to our customers is the need for a
range of products that appeal to them. Over the past year, ICICI Prudential Life
has strengthened its portfolio to offer a range of products that meet all the key
need segments of an individual and across traditional and unit-linked platforms.
The strength of our product range, we believe, lies in its flexibility to offer a
product for every customer need and profile.
Our brand too, which over the years has seen some of the industry’s most
memorable advertising, has grown from strength to strength. A syndicated
research conducted by AC Nielsen ranked ICICI Prudential Life as the most
recognised private life insurer and proved that consumers continued to trust
the brand.
LEADERSHIP
ICICI Prudential Life
SBI Life
HDFC Standard Life
Birla Sun Life
Reliance Life
TATA AIG
Others
34.3%
31.4%
10.9%
5.5%
5.2%
4.0%
8.7%
Private Group Market Share
Source: IRDA - FY 07
12
13
“Innovation is the specific
instrument of entrepreneurship;
the act that endows resources
with a new capacity to
create wealth.”
- Peter F. Drucker
Innovation
14
| INNOVATIVE PRODUCT PORTFOLIO |
Cutting edge product development and deployment is core to ICICI Prudential
Life’s strategy of customer centricity. The past year provided various opportunities
for us to yet again rise to the challenges of the dynamic market and prove our
strength in these areas.
Growth through innovation
We follow a two pronged approach to product development. One is to develop
newer, more feature-rich products to meet customer needs that are already
identified. Our launch of revamped unit-linked plans, a premium guarantee plan
and basic health insurance products reflect this.
The other approach is to identify latent or unstated consumer needs and develop
products which would meet these specifically. The resultant innovations include
our products like Cancer Care and Diabetes Care and the Flexi Funds.
Balancing risk with security
While unit-linked products have clearly emerged as the preferred platform for
most customers, we recognized that there is still a segment that is wary of the
risks it presents. For them, we created the Premium Guarantee product, designed
to offer the upside of any market movements and yet protect them from the
downside, thereby securing their capital.
Innovation for senior citizens’ convenience
Our Annuity Card was the first of its kind in Asia. Following the principles of an
ATM card, this card was devised to provide senior citizens with easy access to
their pension payments. We also created an innovative Retirement Game that
not only generated interest but also created awareness amongst people about
planning for their future.
For the period April to December 2006, ICICI Prudential Life increased its retail
weighted market share in the pension segment to 15.0% as compared to 9.3%
Innovation is to bring to life new customer benefits that others have not yet recognised the need for. It is to see the potential in the unstated need, adopt an unconventional approach and deliver a very real solution.
INNOVATION
15
during the same period in 2005. The 440% growth that the pension business
experienced was the result of our concerted efforts to become a dominant
player in the pension space.
Taking health insurance onto a new plane
Despite the massive use of healthcare facilities in India, more than 65% of the
expenditure is met by individuals out of their pocket and less than 1% is paid
for by insurance. With increasing incidence of diseases and the rising cost
of healthcare, health insurance is the most efficient route to ensure a wider
availability of healthcare to individuals. The need of the hour was to develop
products that are simple to understand and administer, and help a large number
of people meet their health care expenses.
ICICI Prudential Life’s most significant foray in FY 07 was into the area of health
insurance. It’s a segment that has been addressed for many years but has seen
few developments and hence offers a massive opportunity to redefine customer
experience. For us, it is a space in which innovation, possibly our biggest strength,
can provide the biggest advantage.
The foremost breakthrough was achieved with the launch of Diabetes Care, unique
critical illness insurance for those suffering from Type 2 diabetes, a condition that
affects one out of eight Indians. The product is built on the premise that diabetes
is a condition that can be controlled effectively by diet, exercise and medication.
Its collaborative structure empowers customers to manage their condition better,
incorporating the concept of care into products that typically only provide cash.
15
INNOVATION
Annuity Card
16
“Relationships of trust depend
on our willingness to look not
only to our own interests, but
also the interests of others.”
- Peter Farquharson
Trust
TRUST
| A FOUNDATION OF TRUST |
While financial strength and a powerful brand attract customers to us, it is trust
that keeps them with us. For many customers, life insurance is a complex financial
product. This, combined with the long-term nature of the contract between the
policyholder and the company, makes trust the bedrock of the relationship. And
hence, success goes to the company that is able to build a bond of trust with its
customers; trust that emerges from being financially solid, from being a known
and credible brand and above all, from being transparent and fair.
A transparent approach
Recognising its importance, we’ve taken concrete steps to gain the trust of our
customers. We follow a policy of complete transparency that ensures customers
have the opportunity to understand the product before they purchase it. Products
are developed with a clear charge structure under defined heads, which are
disclosed and explained through our sales material.
The sales process has also been further strengthened to enhance customer
trust. Benefit illustrations carry every charge under separate heads and
clearly illustrate how the customer’s policy would work over a given period.
Advisors are also trained to conduct a financial needs analysis of customers
and recommend a relevant product. Over a nine month period they undergo
several training programs, beginning with insurance basics and sales process,
to specific programs that equip them with in-depth knowledge about various
financial services and instruments. Experienced advisors are also encouraged
to enrol for the Life Underwriters Training Council Fellow (LUTCF) certification,
which is a specialist course for the life insurance industry, run in association
with The American College and International Academy of Insurance and Financial
Management.
Once customers purchase a policy, they receive a welcome kit with a specially
designed Key Features Document that explains the policy highlights in simple
terms. Customers are also encouraged to call the company directly, should they
have any questions or concerns.
Trust is a relationship that is built on transparency, driven by understanding and above all, strengthened by time. It is an attribute we build on everyday and hope to live up to for generations to come.
17
Trusted by community
Based on syndicated research conducted by AC Nielsen ORG-MARG’s Life
Insurance Brand Health Monitor, ICICI Prudential Life’s customer awareness score
stood at 97% and consideration touched 79%, making it the most recognised
and accepted of all private life insurers.
ICICI Prudential Life’s efforts to respond to customer needs were acknowledged
by consumers in a recent customer loyalty survey. ICICI Prudential topped the
survey among private life insurers in the Customer Satisfaction Management and
Measurement-Businessworld Customer Loyalty Survey 2006-07, which captured
customers’ ratings of brand’s performance and customer loyalty and therefore
customer goodwill enjoyed by the brand.
In another survey, Businessworld magazine rated ICICI Prudential Life the most
respected private life insurer in its Most Respected Companies Survey 2006
conducted by market research firm, IMRB.
Signifying the highest possible financial ability to meet our obligations, Fitch
Ratings rated us the AAA (Ind).
Brand Awareness & Consideration
Source: Life Insured; AC Nielsen Brand Health Monitor as of April 2007
18
0
20
40
60
80
100
ING VYSYAMAX NYLBIRLA SLKOTAK LIFE
RELIANCE LIFE
TATA AIGSBI LIFEBAJAJ ALLIANZ
HDFC SLICICI PRULIC
100
96 97
79
90 89
83
62
41
80
7674
62
71
54
19
1
18
2527
25
45
32
Total Awareness Consideration (intenders)
TRUST
Figures in %
19
“Teamwork is the ability to work
together towards a common
vision; the ability to direct
individual accomplishments
towards organisational
objectives. It is the fuel that
allows common people to attain
uncommon results.”
- Andrew Carnegie
People
20
People are the engines that make our vision come alive. It is their passion to reach higher, go further and get there faster that makes us leaders. Our job is to simply give them the resources and opportunities to do what they do best.
| CREATING VALUE FROM TALENT |
It is well documented that India’s advantage lies in her people – the key force
behind her successful economy. With the right opportunity and circumstances,
the determined young of the country have soared to many new heights. At ICICI
Prudential Life, we take pride in providing the entrepreneurs and the ambitious
a platform that allows them to explore possibilities, demonstrate their talent and
reach for their and the organisation’s goals. With this proposition, we have created
an organisation that not only attracts but also retains world-class people.
Talent acquisition – creating next generation talent
It is said that it takes a keen eye to identify a real jewel. Our talent acquisition
team has been trained to identify people with the right aptitude for the right job.
This team works with the core objective of ensuring our massive branch network
is staffed with the finest available talent. Our philosophy of ‘hire for attitude and
train for skills’ has served us well in building our team from 7,700 to 16,300
in the last one year. To support this philosophy, we have also built extensive,
multi-layered training capabilities that enable us to empower our people with the
domain knowledge and skills they require for their roles.
Our people philosophy
Harnessing the complete strength of our talent is imperative for maintaining our
competitive edge. The development of our human capital revolves around the
cornerstones of our people philosophy namely learning and growth, meritocracy,
fairness and providing a supportive environment.
At ICICI Prudential Life, learning and growth is our core employee value propo-
sition. It is our ability to constantly offer people larger roles, newer job profiles
and the opportunity to experiment that makes people come, stay and grow with
us. We also believe in building competencies at every level, through a robust
process of training and certification and this has enabled us to create a team of
world-class insurance professionals.
PEOPLE
0
5,000
10,000
15,000
20,000
Mar ’07Mar ’06Mar ’05Mar ’04Mar ’03Mar ’02
771
1,932
3,298
5,186
7,704
16,317
No. of employees
Hea
d c
oun
t
21
Our talent management program is structured to promote a performance oriented
culture and reward merit, thereby continuing to encourage our team to deliver
their best. By ensuring equity and respect while dealing with our employees and
promoting a sense of belonging with the organisation, we are able to retain our
high performing talent.
Our people philosophy is also extended to our distribution partners, who are the
face of our organisation to customers. For them, we have structured training
and development programs that empower them with the knowledge and skills
required for maintaining long-term client relationships. This is also complemented
with specialised certifications and trainings that strengthen their ability to deliver
world-class financial advice.
Vision & Values – the thread that binds us together
Over the last six years, ICICI Prudential Life has morphed into a gigantic, complex
and dynamic eco-system. Fostering cultural integration and building commitment
to our shared values has created the oneness that makes ICICI Prudential Life
unique and the preferred employer of choice in the Indian life insurance industry.
We believe that our values of Passion, Integrity, Customer First, Ownership and
Boundarylessness constitute the foundation of our success and bind us together
as an organisation.
As we continue to scale and grow, it will be our vision and values that will inspire
our employees to reach out to newer horizons and achieve greater heights.
PEOPLE
21
22
“To provide appropriate service
you have to know what your
customer is feeling.”
- Dan James
Service
| SERVICES TO FACILITATE ACCESSIBILITY |
“Customer First” is one of the values on which we have built our vision and
believe that an empowered customer is a lasting customer. We aim to achieve
this through complete transparency in our dealings with our customers starting
with the product and sales process upto the settlement of claims. Treating
customers fairly and consistently form the foundation of enhancing customer
satisfaction and delivering our promise.
Service delivery
Objectives relating to enhancing customer satisfaction are delivered through a
framework encompassing channels, operations and process excellence, built on
a strong platform of technology.
Channels:
Our objective is to provide multiple channels for our customers to reach out
to us, be it for regular transactions or one time requirements. We provide this
through our wide network of 583 branches, a dedicated call centre for service,
an interactive website and a central service unit dedicated to provide solutions
to customers.
Operational excellence:
The backbone of the service delivery framework is an operations team that
strives to deliver timely and consistent service. Spanning a range of deliverables
from issue of a policy document to settlement of claims, the operations team
constantly monitors service levels of our service delivery partners to ensure that
customer satisfaction is not compromised.
This is achieved through a three-pronged model comprising process management,
service quality and a six sigma framework to ensure process excellence:
Process management: Processes are designed and deployed based on
clearly defined business goals that allow us to review and re-engineer
them.
Service quality: Our centralised Service Quality team follows a robust
measurement framework to assess and improve end customer and partner
experience.
Six Sigma: We follow the Six Sigma methodology to map and continually
improve customer and partner processes. By training functional champions,
we have fostered an environment to drive change.
•
•
•
Service is to anticipate and strive to meet our customers’ needs through the many years of their relationship with us. It is to be fair and accurate in all our dealings with them, to be consistent in our approach and yet seek to delight them and to be transparent so that we can build trust.
SERVICES
23
Technology:
Technology remains our key enabler to facilitate our customer management
and service delivery. Technology has been successfully leveraged to deliver
accessibility for our customers through online access to information and service.
Frequently used services such as premium payment and fund switch have been
made more accessible through web based systems. Other areas of deployment of
technology include Interactive Voice Response enabled call centres, use of mobile
phone alerts and CRM systems to facilitate tracking and resolution of customer
requests. Seeking new technology solutions to enhance value to the customer
remain our focus at all times.
In touch with the customer
To understand first-hand how our customers feel about their experience with our
organisation, we instituted and keenly implement the “Feel the Pulse” program, in
which members of senior management interact with customers. Additionally, we
also conduct periodic surveys to capture customer concern areas and to identify
and increase instances of customer delight.
Claims handling
The underlying promise that we make to all our customers is that we will provide
speedy and fair resolution of claims. We provide transparency through our
Grievance Redressal Committee with independent representation.
SERVICES
24
27
DIRECTORS’ REPORT
To the Members,
ICICI Prudential Life Insurance Company Limited
Your Directors have pleasure in presenting the Seventh Annual Report of ICICI Prudential Life Insurance Company
Limited (the Company) with the audited statement of accounts for the year ended March 31, 2007.
OPERATIONS REVIEW & OUTLOOK
The performance for fiscal 2007 is summarized below:
(Rs. billion)
Particulars Fiscal 2007 Fiscal 2006
No. of New Policies (in ‘000) 1,960 838
Financials:
Premium Income : 79.13 42.61
• New Business Premium (including Single Premium) 51.62 26.03
• Renewal Premium 27.51 16.58
Total Income 87.61 46.84
Sum Assured in force -
– Base Policy 726.92 339.48
– Total (Base + Riders) 923.34 458.77
Annualized Premium Equivalent (APE) 43.81 21.63
Assets Held 158.18 88.21
Expense Ratio * 14% 14%
Sales & Distribution Strength:
Geographical Spread -
– No. of Branches + 583 177
– No. of Locations + 421 132
No. of Advisors (in’000) 234 72
* Expense Ratio=All expenses (excluding commission and front line sales cost)/(Total income - 90% of single
premium - 50% of limited pay premium)
+ includes Representative office
The details of Surplus/(Deficit) in Revenue/Profit & Loss Accounts before transfer from Shareholders’ funds are as under:
(Rs. billion)
Particulars Fiscal 2007 Fiscal 2006
Participating 0.05 0.02
Non-participating and Health (0.41) 0.04
Linked (6.83) (2.27)
Shareholders 0.75 0.35
Total * (6.44) (1.86)
* Assuming credit to shareholders of 10% of surplus in participating funds
28
During the year ended March 31, 2007, the Company registered new business premium income of Rs. 51.62 billion showing an increase of 98% over the earlier year. The renewal premiums continue to grow and stood at Rs. 27.51 billion for the year. The new business growth is further reflected in more than 1.96 million policy issuances during the year, leading to the Company crossing the 4 million policies mark at March 31, 2007.
The Company continues to be a leader in the private life insurance space on several parameters including weighted new business premium and assets held, and has an estimated retail market share of 29.1% (basis weighted new business premium income) amongst the private life insurers for the eleven month period ended February 28, 2007 and an over-all market share of around 9.9% for the above period.
Expanding The Reach
The Company has expanded its reach to customers by establishing 583 branches in 421 locations at March 31, 2007. At March 31, 2007, the Company had over 16,000 employees and 234,000 advisors and thus is in a better position to cater to the needs of customers.
Products
The continuing success of the business is on the back of a strategy that drives both value and volume growth. The Company is accomplishing this by simultaneously expanding the distribution to get closer to the customer and offering them products that meet their requirements.
During this year, IRDA prescribed guidelines for Unit Linked products. These guidelines have stipulated minimum level of sum assured, minimum period of premium payment and several other requirements including NAV computation methodology etc. The Company has transited into the new regime seamlessly since most of its products were already compliant with the guidelines. As required by the guidelines, the Company has re-filed the products which have been well received by the customers.
Continuing the drive in introducing new products to strengthen the offerings in the health segment, the Company has introduced a first-of-its-kind product for diabetics. The Company continues to focus on the health sector apart from life and pension sectors.
Dividend
As the Company continues its growth, the financial operations have resulted in a loss, essentially due to the strain caused by new business including the investment required to expand the distribution infrastructure. In view of the loss incurred, the Directors are unable to recommend any dividend.
Claims
The Company believes in efficient customer service and claim settlement on time. Processes to ensure efficient service have been developed and the performance metrics are monitored regularly.
During the year, the Company settled over 2,000 mortality claims. The average time taken from the date of submission of the final requirement by the Claimant to despatch of claim payment was around 7 days.
Governance
As a good corporate citizen reflecting the parentage of the shareholders, the Company continues to institutionalise its governance framework, brief details of which are as follows:
A) Board of Directors
The Board comprises 11 Directors – three nominated by ICICI Bank Limited, two nominated by Prudential Plc, three Independent Directors, a Managing Director and two Whole Time Directors. Except the Managing Director and the two Whole Time Directors, all other Directors including the Chairman of the Board are Non-Executive Directors. There is a clear segregation of responsibility and authority between the Chairman and the Managing Director. The Board of Directors is responsible for overall Corporate Strategy and other Board related matters.
The Managing Director oversees implementation of strategy, achievement of the business plan and day-to-day
29
activities and operations related issues. There is an appropriate mix of Executive, Non-Executive and Independent
Directors to maintain the professionalism and independence of the Board and to separate the functions of
governance and management. The Independent Directors are eminent personalities with significant expertise
in the fields of finance and insurance. None of the Directors is related to any other Director or employee of the
Company.
B) Board Committees
The Board has 3 committees, details of which are as follows:
Risk Management andAudit Committee
Investment Committee Governance Committee
Scope & Term of Reference
Responsible for oversight of risk management, financial reporting and internal control systems. Key terms of reference of this Committee include directing and overseeing the audit plan, review of financial statements, review of findings of internal and statutory auditors, recommendation for appointment of statutory auditors, fixing their remuneration, and review of quarterly compliance certificate.
Recommend and review investment policy and changes thereto, review investments and oversee the risk management framework for investments
Nominating Directors to the Board, fixing their remuneration and approving executive compensation program
Members Mahesh P. Modi (Chairman) H.T. Phong Chanda Kochhar
Kalpana Morparia (Chairperson) H.T. PhongShikha SharmaNS Kannan
Puneet Nanda (Chief Investments Officer)Azim Mithani (Appointed Actuary)
Kalpana Morparia (Chairperson) H.T. Phong Shikha Sharma
No. of times met during the year
4 4 2
C) Grievance Redressal Committee
The Grievances Redressal Committee is chaired by Mr. R. Narayanan - an independent Director, with three
other members from senior management. The Committee’s objective is to provide accessible machinery to
the policyholders for settlement of their grievances. The Committee ensures a fair and expeditious complaint
handling system. It also provides feedback to management for systems review, where required.
D) Internal Audit Framework
The Company has in place an internal audit framework with a risk based audit approach. The internal audit
covers auditing of processes as well as transactions. Key audit observations and recommendations made are
reported to the Board Risk Management and Audit Committee. Implementation of the recommendations is
actively monitored.
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E) Risk Management Framework
Investment Risk: The Company has a prudent investment strategy to optimise risk adjusted returns. Its Asset-Liability Management (ALM) framework is designed to mitigate the investment related risks of assets. The Assets under Management for the linked portfolio, in respect of which there is minimal asset-liability mismatch risk, amounts to over 80% of the policyholders funds. The linked portfolios are benchmarked against suitable external benchmarks. On the participating portfolio, the Company’s strategic asset allocation, which includes investments in equities, is designed to achieve the twin objectives of managing base guarantees and maximising returns. As part of ALM of non-linked portfolio, the Company hedges the participating portfolio by duration matching/cash flow matching within the market and regulatory constraints. This is reviewed monthly.
Operational Risks: The Management assesses and rates the various operational risks and prepares a mitigation plan. Internal Audit carries performs risk-based audit and reports the findings to the Risk Management and Audit Committee.
F) Whistle Blower Policy
The Company has a Whistle Blower Policy that is designed to provide its employees a channel for communicating any issues in the areas of breaches of the Code of conduct, legal violation and irregularities in accounting policies and procedures.
RURAL AND SOCIAL BUSINESS
More than 434,000 policies were issued in rural areas, constituting over 22% of total policy issuances. The Company also covered more than 117,700 lives falling within the norm of ‘social sector’ business.
DIRECTORS
During the year under review, Mr. Barry Stowe was nominated as Director by Prudential plc. in place of mark Mr. Mark Norbom. Consequently, Mr. Barry Stowe was appointed as an Additional Director of the Company on November 6, 2006.
The Board places on record its sincere appreciation for services and guidance provided by Mr. Mark Norbom during his tenure.
The Board also appointed Bhargav Dasgupta as an Executive Director (Additional Director) on November 6, 2006.
Mr. Barry Stowe and Mr. Bhargav Dasgupta will hold their respective offices as Additional Directors till the ensuing Annual General Meeting and are proposed to be appointed as Directors at the ensuing Annual General Meeting. Notices have been received from a Member proposing them as Directors.
During the year, Ms. Lalita Gupte ceased to be a Director on the Board of the Company consequent upon her retirement from ICICI Bank. The Board places on record its appreciation for her valuable contribution during her tenure.
Mr. Mahesh P. Modi and Mr. R. Narayanan will retire by rotation at the above Annual General Meeting and are eligible for re-appointment.
DETAILS AS PER SECTION 217(2A)
As required by the provisions of Section 217 (2A) of the Companies Act, 1956, read with the Companies (Particulars of Employees) Rules, 1975, as amended, the names and relevant particulars of the employees are set out in Annexure to the Directors’ Report which was tabled before the board and is available on request.
INCREASE IN SHARE CAPITAL
The capital of the Company was increased by Rs.1.25 billion contributed by the parent organizations, ICICI Bank Limited and Prudential Plc, UK taking the paid-up capital to Rs.13.12 billion as at March 31, 2007.
PUBLIC DEPOSITS
During the year under review, the Company has not accepted any deposits under Section 58A of the Companies Act, 1956.
31
AUDITORS
M/s. Walker, Chandiok & Co., and M/s.Haribhakti & Co., Chartered Accountants were appointed/re-appointed as joint
statutory auditors of the Company at the last Annual General Meeting. They are retiring in the ensuing Annual General
Meeting and are eligible for re-appointment.
ADDITIONAL INFORMATION
In view of the nature of business activity of the Company, the information relating to the conservation of energy and
technology absorption, as required under Companies (Disclosure of Particulars in the Report of Board of Directors)
Rules, 1988, is not required to be given. Details about foreign exchange earnings and outgo required under above
Rules are as under:
(Rs. million)
Particulars Fiscal 2007 Fiscal 2006
Foreign Exchange Earnings & Outgo
- Earnings 0.5 1
- Outgo 167 106
DIRECTORS’ RESPONSIBILITY STATEMENT
The Directors confirm that:
1. in the preparation of the annual accounts, the applicable accounting standards have been followed;
2. the Directors have selected such accounting policies and applied them consistently and made judgements and
estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company
at the end of the financial year and of the loss of the Company for that period;
3. the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in
accordance with the provisions of the Companies Act, 1956 for safeguarding the assets of the Company and for
preventing and detecting fraud and other irregularities; and
4. the Directors have prepared the annual accounts on a going concern basis.
ACKNOWLEDGEMENTS
The Company is grateful to the Insurance Regulatory & Development Authority, Reserve Bank of India and Government
of India for their continued co-operation, support and advice.
The Company would also like to take this opportunity to express sincere thanks to its valued customers for their
continued patronage.
The Board expresses its gratitude for the valuable advice, guidance and support received from time to time from,
the auditors and the statutory authorities. The Directors express their deep sense of appreciation to all employees
and distributors, who continue to display outstanding professionalism and commitment, enabling the organisation
to achieve market leadership in its business operations. Finally, the Directors wish to express their gratitude to ICICI
Bank and Prudential for their continued trust and support.
For and on behalf of the Board
Mumbai,April 24, 2007 K.V. KAMATH Chairman
32
AUDITORS’ REPORT
To the Members of
ICICI Prudential Life Insurance Company Limited1. We have audited the attached Balance Sheet of ICICI Prudential Life Insurance Company Limited (‘the Company’)
as at March 31, 2007, the related Revenue Account, the Profit & Loss Account and the Receipts and Payments Account for the year ended on that date annexed thereto, which we have signed under reference to this report. These financial statements are the responsibility of the management of the Company. Our responsibility is to express an opinion on these financial statements based on our audit.
2. We conducted our audit in accordance with auditing standards generally accepted in India. These standards require that we plan and perform the audit to obtain reasonable assurance as to whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
3. We report that:
(a) We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purposes of the audit and have found them to be satisfactory;
(b) In our opinion and to the best of our information and according to the explanations given to us, proper books of account as required by law have been maintained by the Company, so far as appears from our examination of those books;
(c) As the Company’s financial accounting system is centralised, no returns for the purposes of our audit are prepared at the branches of the Company;
(d) The Balance Sheet, the Revenue Account, the Profit and Loss Account and the Receipts and Payments Account referred to in this report are in agreement with the books of account;
(e) The actuarial valuation of liabilities for life policies in force is the responsibility of the Company’s Appointed Actuary (‘the Appointed Actuary’). The actuarial valuation of these liabilities as at March 31, 2007 has been duly certified by the Appointed Actuary and in his opinion, the assumptions for such valuation are in accordance with the guidelines and norms issued by the Insurance Regulatory Development Authority (‘IRDA’) and the Actuarial Society of India in concurrence with IRDA. We have relied upon Appointed Actuary’s certificate in this regard for forming our opinion on the financial statements of the Company;
(f) On the basis of written representations received from the Directors of the Company, as on March 31, 2007 and taken on record by the Board of Directors, none of the Directors is disqualified as on March 31, 2007 from being appointed as a Director in terms of Clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956.
4. In our opinion and to the best of our information and according to the explanations given to us, we further report that:
(a) The Investments have been valued in accordance with the provisions of the Insurance Act, 1938, the Insurance Regulatory and Development Authority (Preparation of Financial Statements and Auditor’s Report of Insurance Companies) Regulations, 2002, (‘the Regulations’) and/or orders/directions issued by IRDA in this behalf;
(b) The accounting policies selected by the Company are appropriate and are in compliance with the applicable Accounting Standards referred to under sub-section (3C) of Section 211 of the Companies Act, 1956 and with the accounting principles as prescribed in the Regulations and for orders/directions issued by IRDA in this behalf;
(c) The Balance Sheet, the Revenue Account, the Profit and Loss Account and the Receipts and Payments Account referred to in this report are in compliance with the applicable accounting standards referred to under sub-section (3C) of Section 211 of the Companies Act, 1956; and
(d) The Balance Sheet, the Revenue Account, the Profit and Loss Account and the Receipts and Payments Account together with the notes thereon and attached thereto are prepared in accordance with the requirements of the Regulations, the Insurance Act, 1938, the Insurance Regulatory and Development Authority Act, 1999 and the Companies Act, 1956, to the extent applicable and in the manner so required and give a true and fair view in conformity with applicable accounting principles generally accepted in India:
33
i. in the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2007;
ii. in the case of Revenue Account, of the net surplus for the year ended on that date;
iii. in the case of Profit and Loss account, of the loss for the year ended on that date; and
iv. in the case of the Receipts and Payments Account, of the receipts and payments for the year ended on that date.
5. Further, on the basis of our examination of books and records of the Company and according to the information and explanations given to us, we certify to the best of our knowledge and belief that:
(a) We have reviewed the Management Report attached to the financial statements for the year ended March 31, 2007, and have found no apparent mistake or material inconsistencies with the financial statements; and
(b) Based on management representations and compliance certificates noted by the Risk Management and Audit Committee, nothing has come to our attention which causes us to believe that the Company has not complied with the terms and conditions of registration stipulated by IRDA.
For Walker, Chandiok & Co. For Haribhakti & Co.Chartered Accountants Chartered Accountants
Khushroo B. Panthaky Manoj DagaPartner PartnerMembership No. 42423 Membership No. 48523
Mumbai MumbaiApril 24, 2007 April 24, 2007
AUDITORS’ CERTIFICATE
In accordance with the information and explanations given to us and to the best of our knowledge and belief and based on our examination of the books of account and other records maintained by ICICI Prudential Life Insurance Company Limited (‘the Company’) for the year ended March 31, 2007, we certify that:
1. We have verified the cash balances, to the extent considered necessary, and securities relating to the Company’s loans and investments as at March 31, 2007, by actual inspection or on the basis of certificates/confirmations received from the Custodian appointed by the Company, as the case may be. As at March 31, 2007, the Company does not have reversions and life interests;
2. The Company is not a trustee of any trust; and
3. No part of the assets of the Policyholders’ Funds has been directly or indirectly applied in contravention to the provisions of the Insurance Act, 1938, relating to the application and investments of the Policyholders’ Funds.
This certificate is issued to comply with Schedule C of the Insurance Regulatory and Development Authority (Preparation of Financial Statements and Auditor’s Report of Insurance Companies) Regulations 2002, (‘the Accounting Regulations’) read with Regulation 3 of the Accounting Regulations and may not be suitable for any other purpose.
For Walker, Chandiok & Co. For Haribhakti & Co.Chartered Accountants Chartered Accountants
Khushroo B. Panthaky Manoj DagaPartner PartnerMembership No. 42423 Membership No. 48523
Mumbai MumbaiApril 24, 2007 April 24, 2007
34
REVENUE ACCOUNT FOR THE YEAR ENDED MARCH 31, 2007Policyholders’ Account (Technical Account) (Rs. ‘000)
Particulars Schedule Par Life Par Non -Par Annuity Health Linked Linked Linked Total Pension Non -Par Life Pension Group
Premiums earned – net (a) Premium 1 3,266,431 543,956 1,764,324 2,034,592 169,938 52,739,228 13,260,310 5,351,100 79,129,879 (b) Reinsurance ceded (2,410) (118) (107,653) — (14,868) (32,505) (954) (3,194) (161,702)
Income from Investments (a) Interest, Dividend & Rent - Gross 489,232 173,569 138,933 31,436 1,337 2,118,037 577,449 275,450 3,805,443 (b) Profit on sale/redemption of investments 484,281 109,960 24,863 347 404 3,742,727 855,796 204,697 5,423,075 (c) Loss on sale/redemption of investments (41,150) (2,647) (5,048) (1,931) — (1,036,291) (230,048) (68,570) (1,385,685)(d) Unrealised gain/(loss) — — — — — 1,447,594 217,419 73,552 1,738,565 (e) Appropriation / Expropriation Adjustment Account. — — — — — 256,414 58,350 (5,572) 309,192
Other income:Contribution from the Shareholders’ account — — 206,728 165,265 380,608 4,634,831 2,025,459 167,081 7,579,972 Fees and charges 451 — 452 — 1 446 — 297 1,647
Total (A) 4,196,835 824,720 2,022,599 2,229,709 537,420 63,870,481 16,763,781 5,994,841 96,440,386
Commission 2 241,975 12,159 74,078 1,309 44,024 4,208,325 673,079 185 5,255,134Operating expenses related to Insurancebusiness 3 727,757 108,431 714,859 45,180 396,237 9,762,222 3,327,471 147,430 15,229,587Provision for taxation (Fringe benefit tax) 5,576 765 582 170 421 91,434 23,665 — 122,613
Total (B) 975,308 121,355 789,519 46,659 440,682 14,061,981 4,024,215 147,615 20,607,334
Benefits paid (Net) 4 265,633 97,273 338,685 37,129 2,173 4,434,547 1,429,402 670,205 7,275,047
Change in valuation of liability in respect of life policies 2,869,733 639,113 555,653 2,145,921 94,565 44,636,734 11,079,113 5,177,021 67,197,853
Total (C) 3,135,366 736,386 894,338 2,183,050 96,738 49,071,281 12,508,515 5,847,226 74,472,900
Surplus/(Deficit) (D) = (A)-(B)-(C) 86,161 (33,021) 338,742 — — 737,219 231,051 — 1,360,152
Appropriations
Transfer to Shareholders’ account 4,575 2,745 338,742 — — — — — 346,062Balance being funds for future appropriations 81,586 (35,766) — — — 737,219 231,051 — 1,014,090
Total (D) 86,161 (33,021) 338,742 — — 737,219 231,051 — 1,360,152
Funds for Future Appropriation
Opening Balance as at April 1, 2006 185,840 156,425 — — — 612,668 179,499 — 1,134,432 Add: Current year appropriations 81,586 (35,766) — — — 737,219 231,051 — 1,014,090
Balance Carried forward to Balance Sheet 267,426 120,659 — — — 1,349,887 410,550 — 2,148,522
Significant Accounting Policies &
Notes to Accounts 16
Details of Total Surplus Par Par Life Pension
(a) Interim bonuses paid — — (b) Allocation of bonus to policyholders’ 41,177 24,703 (c) Surplus shown in the Revenue Account 86,161 (33,021)
Total Surplus 127,338 (8,318)
FORM A-RA
Name of the Insurer: ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITEDRegistration number and date of registration with the IRDA : Regn.No. 105 dated 24.11.2000
As required by Section 40-B(4) of the Insurance Act, 1938 we certify that all expenses of Management in respect of life insurance business in India by the Company have been fully debited to the Policyholder’s Revenue Account as expenses.
Schedules referred to herein form an integral part of the Policyholders’ Revenue Account
As per our report of even date attached
For Walker, Chandiok & Co. For Haribhakti & Co. For and on behalf of the Board of DirectorsChartered Accountants Chartered Accountants
Khushroo B. Panthaky Manoj Daga Azim Mithani K. V. Kamath M. P. Modi H. T. Phong Partner Partner Appointed Actuary Chairman Director DirectorMembership No. 42423 Membership No. 48523
C. L. Baradhwaj Shikha Sharma N. S. Kannan Company Secretary Managing Director Executive Director Place : Mumbai Date : April 24, 2007
35
Details of Total Surplus Par Par Life Pension
(a) Interim bonuses paid — —
(b) Allocation of bonus to policyholders’ — —
(c) Surplus shown in the Revenue Account 81,727 (56,948)
Total Surplus 81,727 (56,948)
REVENUE ACCOUNT FOR THE YEAR ENDED MARCH 31, 2006Policyholders’ Account (Technical Account) (Rs. ‘000)
Particulars Schedule Par Life Par Non -Par Annuity Health Linked Linked Linked Total Pension Non -Par Life Pension Group
Premiums earned – net (a) Premium 1 2,927,172 562,397 774,437 55,860 3,174 30,810,616 5,223,709 2,253,100 42,610,465(b) Reinsurance ceded (3,261) (43) (45,934) — (26) (19,037) (62) — (68,363)
Income from Investments (a) Interest, Dividend & Rent - Gross 322,458 113,747 84,819 1,912 — 1,045,727 353,529 107,135 2,029,327 (b) Profit on sale/redemption of investments 125,588 40,077 29,925 — 1 1,607,154 452,328 61,070 2,316,143 (c) Loss on sale/redemption of investments (53,326) (5,537) (102) — — (396,630) (141,874) (29,616) (627,085) (d) Unrealised gain/(loss) — — — — — 8,537,936 1,847,685 127,927 10,513,548
Other income:Contribution from the Shareholders’ account — — — 2,511 400 2,216,106 — 87,638 2,306,655Fees and charges 230 3 749 — — 3,740 — — 4,722
Total (A) 3,318,861 710,644 843,894 60,283 3,549 43,805,612 7,735,315 2,607,254 59,085,412
Commission 2 210,344 6,342 30,595 — 864 2,429,035 156,074 661 2,833,915 Operating expenses related to insurance business 3 581,745 110,489 333,693 1,504 2,216 5,284,319 852,302 83,769 7,250,037 Provision for taxation (Fringe benefit tax) 4,903 708 435 — 4 48,605 6,346 — 61,001
Total (B) 796,992 117,539 364,723 1,504 3,084 7,761,959 1,014,722 84,430 10,144,953
Benefits paid (Net) 4 188,545 29,585 82,802 510 — 1,315,036 326,234 151,954 2,094,666 Change in valuation of liability in respect of life policies 2,251,597 620,468 352,082 58,269 465 34,728,617 6,362,784 2,370,870 46,745,152
Total (C) 2,440,142 650,053 434,884 58,779 465 36,043,653 6,689,018 2,522,824 48,839,818
Surplus/(Deficit) (D) =(A)-(B)-(C) 81,727 (56,948) 44,287 — — — 31,575 — 100,641
Appropriations
Transfer to Shareholders’ account — — 44,287 — — — 31,575 — 75,862Balance being funds for future appropriations 81,727 (56,948) — — — — — — 24,779
Total (D) 81,727 (56,948) 44,287 — — — 31,575 — 100,641
Funds For Future Appropriation
Opening Balance as at April 1, 2005 104,113 213,373 — — — — — — 317,486Add: Current year appropriations 81,727 (56,948) — — — — — — 24,779
Balance Carried forward to Balance Sheet 185,840 156,425 — — — — — — 342,265
Significant Accounting Policies
& Notes To Accounts 16
FORM A-RA
Name of the Insurer: ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITEDRegistration number and date of registration with the IRDA : Regn. No. 105 dated 24.11.2000
As required by Section 40-B(4) of the Insurance Act, 1938 we certify that all expenses of Management in respect of life insurance business in India by the Company have been fully debited to the Policyholder’s Revenue Account as expenses.
Schedules referred to herein form an integral part of the Policyholders’ Revenue Account
As per our report of even date attached
For Walker, Chandiok & Co. For Haribhakti & Co. For and on behalf of the Board of DirectorsChartered Accountants Chartered Accountants
Khushroo B. Panthaky Manoj Daga Azim Mithani K. V. Kamath M. P. Modi H. T. Phong Partner Partner Appointed Actuary Chairman Director DirectorMembership No. 42423 Membership No. 48523
C. L. Baradhwaj Shikha Sharma N. S. Kannan Company Secretary Managing Director Executive Director Place : Mumbai Date : April 24, 2007
36
PROFIT & LOSS ACCOUNT FOR THE YEAR ENDED MARCH 31, 2007
Shareholders’ Account (Non-Technical Account)
(Rs. ‘000)
Particulars Schedule March 31, 2007 March 31, 2006
Amounts transferred from Policyholders’ account (Technical account) 346,062 75,862
Income from investments(a) Interest, Dividend & Rent - Gross 267,100 165,786(b) Profit on sale/redemption of investments 100,668 36,917(c) Loss on sale/redemption of investments (35,928) (1,578)Other income — 2,252
Total (A) 677,902 279,239
Expenses other than those directly related to the insurance business 3A 14,622 5,872 Bad debts written-off — —Amounts transferred to Policyholders’ account (Technical account) 7,579,972 2,306,656Provisions (other than taxation)(a) For diminition in value of investments (net) — —(b) Provision for doubtful debts — —
Total (B) 7,594,594 2,312,528
(Loss) before Tax (6,916,692) (2,033,289)Provision for Taxation- Deferred tax (Refer Note 3.14 of Schedule 16) 427,620 154,500
Profit/(Loss) after Tax (6,489,072) (1,878,789)
Appropriations
(a) Balance at the beginning of the year (9,527,908) (6,856,953)(b) Funds for future appropriation - Linked (Refer Note 3.25 of Schedule 16) — (792,166)(c) Interim dividends paid during the year — —(d) Proposed final dividend — —(e) Dividend distribution tax — —(f) Transfer to reserves/other accounts — —
Profit/(Loss) carried to Balance Sheet (16,016,980) (9,527,908)
Significant Accounting Policies & Notes to Accounts 16
Earnings per equity share (Refer Note 3.24 of Schedule 16)Basic earnings per equity share (Rs.) (5.28) (1.82)Diluted earnings per equity share (Rs.) (5.25) (1.81)Nominal value per equity share (Rs.) 10.00 10.00
FORM A-PL
Name of the Insurer: ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITEDRegistration number and date of registration with the IRDA : Regn. No. 105 dated 24.11.2000
Schedules referred to herein form an integral part of the Shareholders’ Account.
As per our report of even date attached
For Walker, Chandiok & Co. For Haribhakti & Co. For and on behalf of the Board of DirectorsChartered Accountants Chartered Accountants
Khushroo B. Panthaky Manoj Daga Azim Mithani K. V. Kamath M. P. Modi H. T. Phong Partner Partner Appointed Actuary Chairman Director DirectorMembership No. 42423 Membership No. 48523
C. L. Baradhwaj Shikha Sharma N. S. Kannan Company Secretary Managing Director Executive Director Place : Mumbai Date : April 24, 2007
37
BALANCE SHEET AS AT MARCH 31, 2007
(Rs. ‘000)
Particulars Schedule March 31, 2007 March 31, 2006
SOURCES OF FUNDS Shareholders’ Funds : Share capital 5 13,123,015 11,850,000 Employees stock option outstanding 19,399 52,363 Reserve and surplus 6 7,593,813 —Fair Value Change Account - Net 291,038 180,306
Sub-Total 21,027,265 12,082,669
Borrowings 7 — — Policyholders’ Funds : Fair Value Change Account - Net 1,014,996 1,246,696 Revaluation reserve - Investment Property 316,319 — Policy liabilities 17,656,173 11,224,766 Provision for linked liabilities 130,762,734 69,996,288
Sub-Total 149,750,222 82,467,750
Funds for Future Appropriations - Linked (Refer Note 3.25 of Schedule 16) 1,760,437 792,166 - Non linked 388,085 342,265
Total 172,926,009 95,684,850
APPLICATION OF FUNDS Investments - Shareholders’ 8 1,567,176 4,484,730 - Policyholders’ 8A 23,421,083 12,514,550 Asset held to cover linked liabilities 8B 132,523,171 70,788,454 Loans 9 40,393 14,247 Fixed assets 10 2,194,439 610,535 Deferred tax asset (Refer Note 3.14 of Schedule 16) 690,004 262,384
Current assets - Cash and Bank balances 11 4,823,827 2,458,976 - Advances and Other assets 12 2,359,279 1,121,070
Sub-Total (A) 7,183,106 3,580,046
Current liabilities 13 10,061,083 5,934,917 Provisions 14 649,260 163,087
Sub-Total (B) 10,710,343 6,098,004
Net Current Assets (C) = (A - B) (3,527,237) (2,517,958)
MISCELLANEOUS EXPENDITURE (to the extent not written-off or adjusted) 15 — — Debit Balance in Profit & Loss Account (Shareholders’ account) 16,016,980 9,527,908
Total 172,926,009 95,684,850
Significant Accounting Policies & Notes to Accounts 16
FORM A-BS
Name of the Insurer: ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITEDRegistration number and date of registration with the IRDA : Regn. No. 105 dated 24.11.2000
Schedules referred to herein form an integral part of the Balance Sheet
As per our report of even date attached
For Walker, Chandiok & Co. For Haribhakti & Co. For and on behalf of the Board of DirectorsChartered Accountants Chartered Accountants
Khushroo B. Panthaky Manoj Daga Azim Mithani K. V. Kamath M. P. Modi H. T. Phong Partner Partner Appointed Actuary Chairman Director DirectorMembership No. 42423 Membership No. 48523
C. L. Baradhwaj Shikha Sharma N. S. Kannan Company Secretary Managing Director Executive Director Place : Mumbai Date : April 24, 2007
38
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED SCHEDULES FORMING PART OF FINANCIAL STATEMENTS
ANNEXURE TO THE REVENUE ACCOUNTFOR THE YEAR ENDED MARCH 31, 2007
Policyholders’ Account (Technical Account) (Rs. ‘000)
Linked Life Linked Pension Linked Group
Particulars Schedule Non-Unit Unit Total Non-Unit Unit Total Non-Unit Unit Total Total Unit Linked (1) (2) (3)=(1) + (2) (4) (5) (6)=(4) + (5) (7) (8) (9)= (7) + (8) (10)=(3)+ (6)+(9)
Premiums earned – net
(a) Premium 7,168,884 45,570,344 52,739,228 1,570,131 11,690,179 13,260,310 24,725 5,326,375 5,351,100 71,350,638
(b) Reinsurance ceded (32,505) — (32,505) (954) — (954) (3,194) — (3,194) (36,653)
Income from Investments
(a) Interest, Dividend & Rent - Gross 35,068 2,082,969 2,118,037 7,191 570,258 577,449 2,145 273,305 275,450 2,970,936
(b) Profit on sale/redemption of investments 1,931 3,740,796 3,742,727 462 855,334 855,796 117 204,580 204,697 4,803,220
(c) Loss on sale/redemption of investments (3,574) (1,032,717) (1,036,291) (1) (230,047) (230,048) — (68,570) (68,570) (1,334,909)
(d) Unrealised gain/(loss) — 1,447,594 1,447,594 — 217,419 217,419 — 73,552 73,552 1,738,565
(e) Appropriation/Expropriation Adjustment Account — 256,414 256,414 — 58,350 58,350 — (5,572) (5,572) 309,192
Other income:
(a) Linked income UL1 2,436,660 (2,436,660) — 411,165 (411,165) — 15,870 (15,870) — —
(b) Fees & charges 446 — 446 — — — 297 — 297 743
(c) Contribution from the Shareholders’ a/c 4,634,831 — 4,634,831 2,025,459 — 2,025,459 167,081 — 167,081 6,827,371
Total (A) 14,241,741 49,628,740 63,870,481 4,013,453 12,750,328 16,763,781 207,041 5,787,800 5,994,841 86,629,103
Commission 4,208,325 — 4,208,325 673,079 — 673,079 185 — 185 4,881,589
Operating expenses related toinsurance business * 9,638,829 123,393 9,762,222 3,318,584 8,887 3,327,471 192,371 (44,941) 147,430 13,237,123
Provision for taxation (Fringe benefit tax) 91,434 — 91,434 23,665 — 23,665 — — — 115,099
Total (B) 13,938,588 123,393 14,061,981 4,015,328 8,887 4,024,215 192,556 (44,941) 147,615 18,233,811
Benefits paid (Net) UL2 169,732 4,264,815 4,434,547 9,992 1,419,410 1,429,402 9,616 660,589 670,205 6,534,154
Change in valuation of liabilityin respect of life policies 133,421 44,503,313 44,636,734 (11,867) 11,090,980 11,079,113 4,869 5,172,152 5,177,021 60,892,868
Total (C) 303,153 48,768,128 49,071,281 (1,875) 12,510,390 12,508,515 14,485 5,832,741 5,847,226 67,427,022
Surplus/(Deficit) (D) =(A)-(B)-(C) — 737,219 737,219 — 231,051 231,051 — — — 968,270
Appropriations
Transfer to Shareholders’ a/c — — — — — — — — — —
Balance being funds forfuture appropriations — 737,219 737,219 — 231,051 231,051 — — — 968,270
Total (D) — 737,219 737,219 — 231,051 231,051 — — — 968,270
* For unit component, includes service tax, cost of any additional units granted to Policyholders for service lapses and freelook payouts (over and above the initial contribution)
39
Schedule-UL1
Linked Income (recovered from linked funds)* for the year ended March 31, 2007(Rs. ‘000)
Particulars Linked Life Unit Linked Pension Unit Linked Group Unit Total (1) (2) (3) (4)=(1)+(2)+(3)
Fund administration charges 619,102 110,794 — 729,896
Fund management charge 737,959 161,393 15,870 915,222
Policy administration charge 140,824 93,405 — 234,229
Surrender charge 10,194 3,175 — 13,369
Switching charge 2,314 367 — 2,681
Mortality charge 791,528 34,844 — 826,372
Rider premium charge 134,739 7,187 — 141,926
Partial withdrawal charge — — — —
Miscellaneous charge — — — —
Total (UL-1) 2,436,660 411,165 15,870 2,863,695
* net of service tax, if any
Schedule-UL2
Benefits Paid (Net) for the year ended March 31, 2007 (Rs. ‘000)
Linked Life Linked Pension Linked Group
Sr. Particulars Non-Unit Unit Total Non-Unit Unit Total Non-Unit Unit Total Total UnitNo. Linked (1) (2) (3)=(1) + (2) (4) (5) (6)=(4) + (5) (7) (8) (9)= (7) + (8) (10)=(3)+ (6)+(9)
1 Insurance claims(a) Claims by death 145,647 81,405 227,052 8,891 29,806 38,697 10,937 — 10,937 276,686 (b) Claims by maturity — — — — — — — — — — (c) Annuities/Pension payment — — — — — — — — — —(d) Other benefits - Surrender 11 4,183,410 4,183,421 1 1,389,604 1,389,605 — 660,589 660,589 6,233,615 - Survival — — — — — — — — — — - Rider 27,911 — 27,911 1,100 — 1,100 — — — 29,011 - Health — — — — — — — — — —
Sub-Total (A) 173,569 4,264,815 4,438,384 9,992 1,419,410 1,429,402 10,937 660,589 671,526 6,539,312
2 Amount ceded in reinsurance(a) Claims by death (3,837) — (3,837) — — — (1,321) — (1,321) (5,158)(b) Claims by maturity — — — — — — — — — — (c) Annuities/Pension payment — — — — — — — — — — (d) Other benefits - Surrender — — — — — — — — — — - Survival — — — — — — — — — — - Rider — — — — — — — — — — - Health — — — — — — — — — —
Sub-Total (B) (3,837) — (3,837) — — — (1,321) — (1,321) (5,158)
Total (A) + (B) 169,732 4,264,815 4,434,547 9,992 1,419,410 1,429,402 9,616 660,589 670,205 6,534,154
Benefits paid to claimants: In India 173,569 4,264,815 4,438,384 9,992 1,419,410 1,429,402 10,937 660,589 671,526 6,539,312
Total (UL2) 173,569 4,264,815 4,438,384 9,992 1,419,410 1,429,402 10,937 660,589 671,526 6,539,312
40
SCHEDULE - 1PREMIUM
For the year ended March 31, 2007 (Rs. ‘000)
Particulars
Par Life Par Non-Par Annuity Health Linked Linked Linked Total Pension Non-Par Life Pension Group
First year premiums 567,915 3,968 141,438 — 167,671 29,906,648 8,476,771 4,441,688 43,706,099 Renewal premiums 2,698,516 539,988 195,302 — 2,267 18,777,039 4,386,043 909,412 27,508,567 Single premiums — — 1,427,584 2,034,592 — 4,055,541 397,496 — 7,915,213
Total Premium 3,266,431 543,956 1,764,324 2,034,592 169,938 52,739,228 13,260,310 5,351,100 79,129,879
Premium Income from business written :In India 3,266,431 543,956 1,764,324 2,034,592 169,938 52,739,228 13,260,310 5,351,100 79,129,879
Total Premium 3,266,431 543,956 1,764,324 2,034,592 169,938 52,739,228 13,260,310 5,351,100 79,129,879
For the year ended March 31, 2006 (Rs. ‘000)
Particulars Par Life Par Non-Par Annuity Health Linked Linked Linked Total
Pension Non-Par Life Pension Group
First year premiums 695,873 9,786 105,713 — 3,174 19,029,121 1,177,465 1,913,450 22,934,582 Renewal premiums 2,231,299 552,611 120,953 — — 9,459,922 3,881,013 339,650 16,585,448 Single premiums — — 547,771 55,860 — 2,321,573 165,231 — 3,090,435
Total Premium 2,927,172 562,397 774,437 55,860 3,174 30,810,616 5,223,709 2,253,100 42,610,465
Premium Income from business written :In India 2,927,172 562,397 774,437 55,860 3,174 30,810,616 5,223,709 2,253,100 42,610,465
Total Premium 2,927,172 562,397 774,437 55,860 3,174 30,810,616 5,223,709 2,253,100 42,610,465
SCHEDULE - 2COMMISSION EXPENSES
For the year ended March 31, 2007 (Rs. ‘000)
Particulars Par Life Par Non-Par Annuity Health Linked Linked Linked Total Pension Non-Par Life Pension Group
Commission *Direct - First year premiums 118,962 297 31,605 — 44,024 3,581,520 631,856 185 4,408,449 - Renewal premiums 123,013 11,862 8,363 — — 550,935 34,707 — 728,880 - Single premiums — — 34,110 1,309 — 75,870 6,516 — 117,805
Total 241,975 12,159 74,078 1,309 44,024 4,208,325 673,079 185 5,255,134
Add: Commission on re-insurance accepted — — — — — — — — — Less: Commission on re-insurance ceded — — — — — — — — —
Net Commission 241,975 12,159 74,078 1,309 44,024 4,208,325 673,079 185 5,255,134
Break-up of the expenses (Gross) incurred to procure businessTied Agency 203,355 9,593 27,885 798 21,693 2,719,988 318,439 — 3,301,751 Corporate Agency 29,389 2,212 3,795 457 18,149 870,322 283,174 — 1,207,498 Brokers 3,242 20 488 54 91 37,846 3,693 185 45,619 Referral 5,989 334 41,910 — 4,091 580,169 67,773 — 700,266
Total Commission 241,975 12,159 74,078 1,309 44,024 4,208,325 673,079 185 5,255,134
* Commission includes referral payments
41
SCHEDULE - 2
COMMISION EXPENSES (Contd.)
For the year ended March 31, 2006 (Rs. ‘000)
Particulars Par Life Par Non -Par Annuity Health Linked Linked Linked Total
Pension Non -Par Life Pension Group
Commission *Direct - First year premiums 147,064 576 21,070 — 864 2,085,034 91,229 661 2,346,498 - Renewal premiums 63,280 5,766 9,525 — — 309,603 63,562 — 451,736 - Single premiums — — — — — 34,398 1,283 — 35,681
Total 210,344 6,342 30,595 — 864 2,429,035 156,074 661 2,833,915
Add: Commission on re-insurance accepted — — — — — — — — — Less: Commission on re-insurance ceded — — — — — — — — —
Net Commission 210,344 6,342 30,595 — 864 2,429,035 156,074 661 2,833,915
Break-up of the expenses (Gross) incurred to procure businessTied Agency 178,724 4,443 15,269 — 814 1,459,704 94,443 661 1,754,058 Corporate Agency 20,692 1,584 1,436 — 14 244,471 9,368 — 277,565 Brokers 1,927 20 272 — 8 21,766 804 — 24,797 Referral 9,001 295 13,618 — 28 703,094 51,459 — 777,495
Total Commission 210,344 6,342 30,595 — 864 2,429,035 156,074 661 2,833,915
* Commission includes referral payments
SCHEDULE - 3OPERATING EXPENSES RELATED TO INSURANCE BUSINESS
For the year ended March 31, 2007 (Rs. ‘000)
Particulars Par Life Par Non -Par Annuity Health Linked Linked Linked Total Pension Non -Par Life Pension Group
Employees’ remuneration & welfare benefits 178,709 22,032 53,984 15,536 117,567 3,753,081 1,145,924 82,873 5,369,706 Travel, conveyance and vehiclerunning expenses 20,020 2,502 6,285 1,822 19,113 402,284 131,071 36,522 619,619 Rents, rates & taxes 108,496 20,510 42,452 2,216 11,370 534,162 271,506 18 990,730 Repairs 26,569 4,673 8,196 167 2,124 84,828 45,636 21 172,214 Printing & stationery 18,687 2,560 36,850 440 11,128 149,959 51,127 5,173 275,924 Communication expenses 96,005 17,602 66,097 1,162 18,362 433,114 212,737 1,786 846,865 Legal & professional charges 14,423 1,847 3,748 1,633 2,592 260,574 88,617 1,784 375,218 Medical fees 3,702 64 9,966 (58) 11,502 93,654 5,352 101 124,283 Auditors’ fees :(a) as auditor 51 — 7 5 13 2,288 550 — 2,914 (b) as advisor or in any other capacity — — — — — — — — — Advertisement and publicity 28,922 3,221 9,390 4,224 121,776 667,999 210,400 8,337 1,054,269 Interest & Bank charges 10,704 1,684 32,981 423 9,287 130,205 30,417 2,672 218,373 Agents training & recruitment 77,085 10,785 28,299 6,844 13,072 1,259,822 439,206 65 1,835,178 Depreciation 25,443 4,950 9,878 181 2,292 93,930 51,366 — 188,040 Service tax on premium absorbed 246 1 56 64 72 12,208 3,024 — 15,671 Information technology cost 36,347 7,236 14,429 141 3,273 103,770 66,874 105 232,175 Administration support expenses 18,372 126 309,427 7,743 7,478 938,774 340,282 18 1,622,220 Others 63,976 8,638 82,814 2,637 45,216 841,570 233,382 7,955 1,286,188
Total 727,757 108,431 714,859 45,180 396,237 9,762,222 3,327,471 147,430 15,229,587
For the year ended March 31, 2006 (Rs. ‘000)
Particulars Par Life Par Non -Par Annuity Health Linked Linked Linked Total Pension Non -Par Life Pension Group
Employees’ remuneration & welfarebenefits 181,349 27,538 29,371 752 363 2,420,356 292,314 72,219 3,024,262 Travel, conveyance and vehiclerunning expenses 16,925 2,553 2,760 — 30 195,791 26,568 5,167 249,794 Rents, rates & taxes 78,807 23,043 20,388 — 98 199,211 111,003 14 432,564 Repairs 25,908 7,592 5,409 — 45 47,179 31,748 63 117,944 Printing & stationery 11,482 2,053 15,286 — 153 68,365 15,448 248 113,035 Communication expenses 67,967 17,349 30,103 — 219 217,544 92,714 712 426,608 Legal & professional charges 8,124 2,794 1,510 — 12 49,266 12,012 1,169 74,887 Medical fees 5,141 110 11,248 — 410 65,037 2,039 — 83,985
42
SCHEDULE - 3
OPERATING EXPENSES RELATED TO INSURANCE BUSINESS (Contd.)
For the year ended March 31, 2006 (Rs. ‘000)
Particulars Par Life Par Non-Par Annuity Health Linked Linked Linked Total Pension Non-Par Life Pension Group
Auditors’ fees :(a) as auditor 152 25 12 — — 1,286 205 — 1,680 (b) as advisor or in any other capacity, in respect of Taxation matters 10 1 1 — — 84 13 — 109 Advertisement and publicity 27,329 2,712 4,727 — 103 479,606 46,660 334 561,471 Interest & Bank charges 12,024 619 14,369 — 165 62,520 13,503 769 103,969 Agents training & recruitment 48,044 5,622 8,614 — 78 653,800 72,634 12 788,804 Depreciation 24,124 6,910 5,819 — 30 89,016 34,006 — 159,905 Service tax on premium absorbed 1,740 38 278 — — 8,653 (1,634) (1) 9,074 Information technology cost 9,978 1,682 891 — 12 100,714 15,953 2 129,232 Administration support expenses 11,432 123 138,581 — 48 263,774 20,556 5 434,519 Others 51,209 9,725 44,326 752 450 362,117 66,560 3,056 538,195
Total 581,745 110,489 333,693 1,504 2,216 5,284,319 852,302 83,769 7,250,037
SCHEDULE - 3AEXPENSES OTHER THAN THOSE DIRECTLY RELATED TO THE INSURANCE BUSINESS
For the year ended March 31, 2007 (Rs. ‘000)
Particulars March 31, 2007 March 31, 2006
Employees remuneration & welfare benefits 959 1,356 Travel, conveyance & vehicle running expenses 66 40 Legal and professional fees 9 2 Sales promotion — — Loss on sale/write off of Fixed Assets (Net) — — Printing & stationery 3 1 Communication expenses 7 115 Interest & Bank charges 2,846 2,475 Depreciation — 8 Information technology cost 100 115 Others 10,632 1,760
Total 14,622 5,872
SCHEDULE - 4BENEFITS PAID [NET]
For the year ended March 31, 2007 (Rs ‘000)
Particulars Par Life Par Non-Par Annuity Health Linked Linked Linked Total Pension Non-Par Life Pension Group
1. Insurance claims (a) Claims by death 41,175 14,514 94,508 1,188 200 227,052 38,697 10,937 428,271 (b) Claims by maturity — 39,049 248,308 — — — — — 287,357 (c) Annuities/Pension payment — — — 35,941 — — — — 35,941 (d) Other benefits – Surrender 28,040 42,092 19,191 — — 4,183,421 1,389,605 660,589 6,322,938 – Survival 181,207 — 9,714 — — — — — 190,921 – Rider 15,211 1,618 2,397 — 3 27,911 1,100 — 48,240 – Health — — 450 — 1,970 — — — 2,420
Sub-Total (A) 265,633 97,273 374,568 37,129 2,173 4,438,384 1,429,402 671,526 7,316,088
2. Amount ceded in reinsurance (a) Claims by death — — (35,883) — — (3,837) — (1,321) (41,041) (b) Claims by maturity — — — — — — — — — (c) Annuities / Pension payment — — — — — — — — — (d) Other benefits – Surrender — — — — — — — — — – Survival — — — — — — — — — – Rider — — — — — — — — — – Health — — — — — — — — —
Sub-Total (B) — — (35,883) — — (3,837) — (1,321) (41,041)
Total (A) + (B) 265,633 97,273 338,685 37,129 2,173 4,434,547 1,429,402 670,205 7,275,047
Benefits paid to claimants: In India 265,633 97,273 374,568 37,129 2,173 4,438,384 1,429,402 671,526 7,316,088
Total 265,633 97,273 374,568 37,129 2,173 4,438,384 1,429,402 671,526 7,316,088
43
SCHEDULE - 4BENEFITS PAID [NET] (Contd.)
For the year ended March 31, 2006 (Rs ‘000)
Particulars Par Life Par Non-Par Annuity Health Linked Linked Linked Total Pension Non -Par Life Pension Group
1. Insurance claims (a) Claims by death 36,273 10,755 34,293 — — 94,839 21,273 1,986 199,419 (b) Claims by maturity — 11,702 31,320 — — — — — 43,022 (c) Annuities/Pension payment — — — 510 — — — — 510 (d) Other benefits – Surrender 12,799 4,556 10,408 — — 1,208,184 303,270 149,968 1,689,185 – Survival 125,178 — 13,013 — — — — — 138,191 – Rider 14,295 2,572 1,486 — — 15,513 1,691 — 35,557 – Health — — — — — — — — —
Sub-Total (A) 188,545 29,585 90,520 510 — 1,318,536 326,234 151,954 2,105,884
2. Amount ceded in reinsurance (a) Claims by death — — (7,718) — — (3,500) — — (11,218) (b) Claims by maturity — — — — — — — — — (c) Annuities/Pension payment — — — — — — — — — (d) Other benefits – Surrender — — — — — — — — — – Survival — — — — — — — — — – Rider — — — — — — — — — – Health — — — — — — — — —
Sub-Total (B) — — (7,718) — — (3,500) — — (11,218)
Total (A) + (B) 188,545 29,585 82,802 510 — 1,315,036 326,234 151,954 2,094,666
Benefits paid to claimants: In India 188,545 29,585 90,520 510 — 1,318,536 326,234 151,954 2,105,884
Total 188,545 29,585 90,520 510 — 1,318,536 326,234 151,954 2,105,884
SCHEDULE - 5SHARE CAPITAL
(Rs. ‘000)
Particulars March 31, 2007 March 31, 2006
Authorised capitalEquity shares of Rs. 10/- each 15,000,000 12,000,000Issued,subscribed & Called up capitalEquity Shares of Rs. 10/- each fully paid up 13,123,015 11,850,000
Total 13,123,015 11,850,000
SCHEDULE - 5APATTERN OF SHAREHOLDING[As certified by the Management]
Particulars
March 31, 2007 March 31, 2006
Number of % of Number of % of Shares Holding Shares Holding
Promoters Indian (ICICI Bank Limited) 969,328,571 73.87 876,900,000 74.00 Foreign (Prudential Corporation Holdings Limited) 340,574,903 25.95 308,100,000 26.00 Others 2,398,061 0.18 — —
Total 1,312,301,535 100.00 1,185,000,000 100.00
44
SCHEDULE - 6RESERVES AND SURPLUS
(Rs. ‘000)
Particulars March 31, 2007 March 31, 2006
Capital reserves — —Capital redemption reserve — —Share premium 7,593,813 —Revaluation reserve — —General reserves — —Less: Debit balance in Profit and Loss account, if any — —Less: Amount utilized for buy-back — —Catastrophe reserve — —Other reserves — —Balance of profit in Profit and Loss account — —
Total 7,593,813 —
SCHEDULE - 7BORROWINGS
(Rs. ‘000)
Particulars March 31, 2007 March 31, 2006
Debentures/Bonds — — Banks — — Financial Institutions — — Others — —
Total — —
SCHEDULE - 8INVESTMENTS SHAREHOLDERS (Rs ‘000)
Particulars March 31, 2007 March 31, 2006
LONG-TERM INVESTMENTSGovernment securities * 144,930 345,035 (Market value current year : Rs. 136,413 thousands)(Market value previous year : Rs. 332,995 thousands)
Other Investments :Equity 886,933 774,904 (Historical value current year: Rs. 685,257 thousands)(Historical value previous year: Rs. 612,401 thousands)
Debentures/Bonds — 101,719 (Market value previous year : Rs. 99,160 thousands)
CCIL Deposit 1,393 — (Market value current year : Rs. 1,393 thousands)
Investments in Infrastructure and Social SectorEquity 36,785 34,168 (Historical value current year: Rs. 30,886 thousands)(Historical value previous year: Rs. 28,201 thousands)
Debenture/Bonds 49,059 515,053 (Market value current year : Rs. 47,586 thousands)(Market value previous year : Rs. 502,393 thousands)
Other than Approved Investments :Equity 247,754 101,529 (Historical value current year: Rs. 164,291 thousands)(Historical value previous year: Rs. 89,694 thousands)
Debentures/Bonds 87,160 51,280 (Market value current year : Rs. 84,081 thousands)(Market value previous year : Rs. 49,833 thousands)
SHORT-TERM INVESTMENTSGovernment securities 1,568 1,109,091 (Market value current year : Rs. 1,568 thousands)(Market value previous year : Rs. 1,108,953 thousands)
45
SCHEDULE - 8 (Contd.)
INVESTMENTS SHAREHOLDERS (Contd.) (Rs. ‘000)
Particulars March 31, 2007 March 31, 2006
Other Investments :Debentures/Bonds — 251,543 (Market value previous year : Rs. 251,270 thousands)
Certificate of Deposit — 239,175 (Market value previous year : Rs. 239,174 thousands)
Commercial Papers 5,592 248,372 (Market value current year : Rs. 5,587 thousands)(Market value previous year : Rs. 248,372 thousands)]
Fixed Deposits — 186,000 (Market value previous year : Rs. 186,000 thousands)
Reverse Repo 887 — (Market value current year : Rs. 887 thousands)
Investment in Infrastructure and social sector :Debentures/Bonds 90,992 479,724 (Market value current year : Rs. 89,449 thousands)(Market value previous year : Rs. 477,859 thousands)Other than Approved Investments :Debentures/Bonds 14,123 47,137 (Market value current year : Rs. 13,366 thousands)(Market value previous year : Rs. 46,536 thousands)
Total 1,567,176 4,484,730
In India 1,567,176 4,484,730
Total 1,567,176 4,484,730
* Includes Rs. 100,050 thousands of securities under Section 7 of Insurance Act, 1938 (Previous Year : Rs.112,215 thousands) (Refer 3.9 of Schedule 16)
SCHEDULE - 8AINVESTMENTS - POLICYHOLDERS (Rs. ‘000)
Particulars
March 31, 2007
Par Life Par Non-Par Annuity Health Linked Linked Linked Total Pension Non-Par Life Pension Group
LONG TERM INVESTMENTSGovernment securities 5,182,767 1,976,241 1,260,113 755,946 41,716 1,038,846 98,320 26,133 10,380,082 (Market value current year :Rs. 9,815,316 thousands)
Other Investments :Debentures/ Bonds 500,189 111,500 224,836 179,921 4,000 213,567 22,227 1,900 1,258,140 (Market value current year :Rs. 1,225,360 thousands)
Equity 2,034,969 754,957 — 175,726 — — — — 2,965,652 (Historical value current year:Rs. 2,139,284 thousands)
CCIL Deposit 1,810 601 163 22 2 91 19 7 2,715 (Market value current year :Rs. 2,715 thousands)
Fixed Deposits - — — 387,350 — 7,250 88,300 27,600 4,600 515,100 (Market value current year :Rs. 515,100 thousands)
Property 251,260 250,580 — — — — — — 501,840 Investments in Infrastructureand Social SectorDebenture/Bonds 1,645,528 177,134 185,615 800,560 5,908 132,771 110,871 7,141 3,065,528 (Market value current year :Rs. 2,909,728 thousands)
Equity 67,298 48,894 — 2,508 — — — — 118,700 (Historical value current year :Rs. 94,601 thousands)
Other than Approved Investments :Debentures/ Bonds 53,682 — 49,989 — — — — — 103,671 (Market value current year :Rs. 90,524 thousands)
Equity 475,278 — — — — — — — 475,278 (Historical value current year:Rs. 310,750 thousands)
Venture Fund 400,000 — — — — — — — 400,000 (Historical value current year :Rs. 400,000 thousands)
46
SCHEDULE - 8AINVESTMENTS - POLICYHOLDERS (Contd.) (Rs. ‘000)
Particulars
March 31, 2007
Par Life Par Non-Par Annuity Health Linked Linked Linked Total Pension Non-Par Life Pension Group
SHORT-TERM INVESTMENTS
Government securities 145,945 12,851 45,776 118,699 127,529 1,189,494 429,805 284 2,070,383 (Market value current year :Rs. 2,069,918 thousands)
Other Investments :Debentures/ Bonds — — 29,591 — — 64,079 — — 93,670 (Market value current year :Rs. 91,817 thousands)
Certificate of Deposit — — — — — 1,273 97,426 — 98,699 (Market value current year :Rs. 98,719 thousands)
Commercial Papers — — 6,994 — 535 140,958 24,666 10,361 183,514 (Market value current year :Rs. 183,472 thousands)
Fixed Deposits — — 41,100 — 8,000 44,800 16,600 2,300 112,800 (Market value current year :Rs. 112,800 thousands)
Reverse Repo 16,464 145,215 52,107 142,256 10 47,670 30 10 403,762 (Market value current year :Rs. 403,762 thousands)
Investment in Infrastructureand social sector :Debentures/ Bonds 206,990 — 212,989 — — 241,061 8,507 2,002 671,549 (Market value current year :Rs. 663,108 thousands)
Total 10,982,180 3,477,973 2,496,623 2,175,638 194,950 3,202,910 836,071 54,738 23,421,083
In India 10,982,180 3,477,973 2,496,623 2,175,638 194,950 3,202,910 836,071 54,738 23,421,083
Total 10,982,180 3,477,973 2,496,623 2,175,638 194,950 3,202,910 836,071 54,738 23,421,083
SCHEDULE - 8AINVESTMENTS - POLICYHOLDERS (Rs. ‘000)
Particulars
March 31, 2006
Par Life Par Non-Par Annuity Health Linked Linked Linked Total Pension Non-Par Life Pension Group
LONG-TERM INVESTMENTS
Government Securities 4,073,758 1,662,223 585,392 — — 132,478 — 445 6,454,296 (Market value Rs. 6,215,024 thousands)
Other Investments :Equity Shares at fair value 1,929,596 706,311 — — — — — — 2,635,907 (Historical Cost Rs. 1,513,274 thousands)
Debentures/Bonds 50,236 — 88,300 — — 15,000 — — 153,536 (Market value Rs. 152,926 thousands)
Long term fixed deposit — — 250,100 — — — — — 250,100 (Market value : Rs. 250,100 thousands)
Investment Properties - Real Estate 92,763 92,758 — — — — — — 185,521 (Market value : Rs. 185,521 thousands)
Investment in Infrastructureand social sector :Equity Shares at fair value 107,595 32,997 — — — — — — 140,592 (Historical cost Rs. 84,479 thousands)
Debentures/Bonds 672,067 80,075 200,106 — — 30,122 — 1,501 983,871 (Market value Rs. 952,875 thousands)
Other than Approved Investments :Equity Shares at fair value 239,978 — — — — — — — 239,978 (Historical cost Rs. 172,027 thousands)
Debentures/Bonds 54,007 — 49,981 — — — — — 103,988 (Market value : Rs. 95,469 thousands)
Venture Fund 1,50,000 — — — — — — — 150,000 (Market value : Rs. 150,000 thousands)
SHORT-TERM INVESTMENTS
Government securities 418,122 183,083 99,371 55,822 471 3,024 3,850 9,522 773,265 (Market value Rs. 7,73,538 thousands)
Other Investments :Debentures/Bonds — — 50,597 — — — — — 50,597 (Market value Rs. 59,779 thousands)
Certificate of Deposit — — 49,848 — — — — — 49,848 (Market value : Rs. 49,848 thousands)
Fixed Deposits — — 10,000 — — 4,000 — — 14,000 (Market value : Rs. 14,000 thousands)
47
SCHEDULE - 8AINVESTMENTS - POLICYHOLDERS (Contd.) (Rs ‘000)
Particulars
March 31, 2006
Par Life Par Non-Par Annuity Health Linked Linked Linked Total Pension Non-Par Life Pension Group
Investment in Infrastructureand social sector :Debentures/Bonds 165,911 — 49,006 — — 21,176 31,734 1,587 269,414 (Market value : Rs. 295,336 thousands)
Other than Approved Investments :Debentures/Bonds — — 59,637 — — — — — 59,637 (Market value : Rs. 59,500 thousands)
Total 7,954,033 2,757,447 1,492,338 55,822 471 205,800 35,584 13,055 12,514,550
In India 7,954,033 2,757,447 1,492,338 55,822 471 205,800 35,584 13,055 12,514,550
Total 7,954,033 2,757,447 1,492,338 55,822 471 205,800 35,584 13,055 12,514,550
SCHEDULE - 8B
ASSETS HELD TO COVER LINKED LIABILITIES (Rs. ‘000)
Particulars March 31, 2007
Linked Life Linked Pension Linked Group Total
LONG-TERM INVESTMENTS Government Securities 1,259,678 443,350 209,582 1,912,610 (Historic value current year : Rs. 1,943,953 thousands)Other Investments : Equity 59,313,212 13,042,496 1,262,277 73,617,985 (Historic value current year : Rs. 63,891,449 thousands)Debentures/ Bonds 3,862,556 1,140,069 996,515 5,999,140 (Historic value current year : Rs. 6,104,783 thousands)Long term fixed deposit 564,429 173,874 161,697 900,000 (Historic value current year : Rs. 900,000 thousands)SGF Deposit 5,706 1,739 1,047 8,492 (Historic value current year : Rs. 8,492 thousands)Investments in Infrastructure and Social SectorEquity 1,602,566 235,590 13,785 1,851,941 (Historic value current year : Rs. 1,926,848 thousands)Debenture /Bonds 1,878,024 539,471 467,684 2,885,179 (Historic value current year : Rs. 2,966,437 thousands)Other than Approved Investments :Equity 8,983,044 2,406,154 219,068 11,608,266 (Historic value current year : Rs. 7,855,508 thousands)Debentures/Bonds 960,101 319,756 175,895 1,455,752 (Historic value current year : Rs. 1,482,806 thousands)SHORT-TERM INVESTMENTSGovernment securities 708 — 648 1,356 (Historic value current year : Rs. 1421 thousands)Other Investments :Debentures/Bonds 2,730,667 706,125 303,376 3,740,168 (Historic value current year : Rs. 3,791,274 thousands)Certificate of Deposit 3,728,750 1,141,566 1,120,749 5,991,065 (Historic value current year : Rs. 5,892,684 thousands)Commercial Papers 1,195,092 317,816 440,108 1,953,016 (Historic value current year : Rs. 1,880,867 thousands)Fixed Deposits 7,116,854 2,207,216 2,113,330 11,437,400 (Historic value current year : Rs. 1,1437,400 thousands)Reverse Repo 1,222,776 310,864 71,749 1,605,389 (Historic value current year : Rs. 1,605,390 thousands)Investment in Infrastructure and social sector :Debentures/Bonds 1,378,169 466,649 380,974 2,225,792 (Historic value current year : Rs. 2,239,722 thousands)Other than Approved Investments :Debentures/Bonds 894,101 458,147 114,832 1,467,080 (Historic value current year : Rs. 1,473,328 thousands)Mutual Fund units at Fair value 404,140 — — 404,140 (Historic value current year : Rs. 404,000 thousands)
Net Current Asset 2,070,498 711,625 676,277 3,458,400
Total 99,171,071 24,622,507 8,729,593 132,523,171
In India 99,171,071 24,622,507 8,729,593 132,523,171
Total 99,171,071 24,622,507 8,729,593 132,523,171
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SCHEDULE - 8B
ASSETS HELD TO COVER LINKED LIABILITIES (Rs. ‘000)
Particulars March 31, 2006
Linked Life Linked Pension Linked Group Total
LONG-TERM INVESTMENTSGovernment Securities at fair value 1,524,912 554,638 183,442 2,262,992 (Historical cost Rs. 2,306,143 thousands)
Other Investments :Equity Shares at fair value 30,371,512 6,133,191 471,846 36,976,551 (Historical cost Rs. 26,473,742 thousands)Debentures/Bonds at fair value 2,805,017 947,836 349,977 4,102,830 (Historical cost Rs. 4,208,241 thousands)
Investments in Infrastructure and Social SectorEquity Shares at fair value 598,262 122,704 10,430 731,396 (Historical cost Rs. 495,740 thousands)Debentures/Bonds at fair value 1,104,336 384,689 107,157 1,596,182 (Historical cost Rs. 1,633,372 thousands)
Other than Approved Investments :Equity Shares at fair value 3,280,790 709,911 65,768 4,056,469 (Historical cost Rs. 3,060,441 thousands)Debentures/Bonds at fair value 675,394 216,661 117,868 1,009,923 (Historical cost Rs. 1,044,365 thousands)
SHORT-TERM INVESTMENTSGovernment Securities 1,647 748 616 3,011 (Historical cost Rs. 2,904 thousands)
Other Investments :Debentures/Bonds 1,311,088 500,999 200,574 2,012,661 (Historical cost Rs. 2,045,331 thousands)Certificate of Deposit 1,284,328 743,168 376,398 2,403,894 (Historical cost Rs. 2,381,215 thousands)Commercial Papers 2,142,112 512,813 310,044 2,964,969 (Historical cost Rs. 2,916,737 thousands)Fixed Deposits 4,408,946 1,451,585 565,269 6,425,800
Investments in Infrastructure and Social SectorDebentures/Bonds 1,241,222 588,195 258,262 2,087,679 (Historical cost Rs. 2,103,404 thousands)
Other than Approved Investments :Debentures/Bonds 1,345,008 324,473 154,901 1,824,382 (Historical cost Rs. 1,841,464 thousands)Mutual Fund investment at fair value 566,000 50,000 4,000 620,000 (Historical cost Rs. 620,000 thousands)
Net Current Assets 1,269,966 58,867 380,882 1,709,715
Total 53,930,540 13,300,478 3,557,436 70,788,454
In India 53,930,540 13,300,478 3,557,436 70,788,454
Total 53,930,540 13,300,478 3,557,436 70,788,454
SCHEDULE - 9
LOANS (Rs. ‘000)
Particulars March 31, 2007 March 31, 2006
1. SECURITY-WISE CLASSIFICATIONS Secured (a) On mortgage of property (aa) In India 10,372 13,368 (bb) Outside India — — (b) On Shares, Bonds, Govt. Securities, etc. — — (c) Loans against policy 30,021 879 (d) Others — — Unsecured — —
Total 40,393 14,247
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SCHEDULE - 9
LOANS (Contd.) (Rs. ‘000)
Particulars March 31, 2007 March 31, 2006
2. BORROWER-WISE CLASSIFICATION (a) Central and State Governments — — (b) Banks and Financial Institutions — — (c) Subsidiaries — — (d) Companies 10,372 13,368 (e) Loans against policies 30,021 879 (f) Loans to employees — — Total 40,393 14,247
3. PERFORMANCE-WISE CLASSIFICATION (a) Loans classified as standard (aa) In India 40,393 14,247 (bb) Outside India — — (b) Non-standard loans less provisions (aa) In India — — (bb) Outside India — —
Total 40,393 14,247
4. MATURITY-WISE CLASSIFICATION (a) Short-Term 4,068 3,872 (b) Long-Term 36,325 10,375
Total 40,393 14,247
SCHEDULE - 10FIXED ASSETS (Rs. ‘000)
Gross Block (at Cost) Depreciation Net Block
Particulars As at Additions Deductions As at Upto For Deductions Upto As at As at March March March 31, the March 31, March March 31, 2006 31, 2007 2006 year 2007 31, 2007 31, 2006 Buildings — 992,280 — 992,280 — 89 — 89 992,191 — Improvements to Leasehold Property 694,604 554,513 22,015 1,227,102 185,137 110,384 13,421 282,100 945,002 509,467Furniture and Fixtures 84,013 13,547 3,816 93,744 66,847 17,971 3,816 81,002 12,742 17,166 Office Equipment 182,432 14,522 10,259 186,695 158,307 23,055 9,825 171,537 15,158 24,125 Information Technology Equipment 163,476 4,462 13,156 154,782 150,728 12,710 12,844 150,594 4,188 12,748 Software 95,083 27,245 — 122,328 71,058 18,985 — 90,043 32,285 24,025Networks 41,932 591 4,302 38,221 33,858 4,293 4,108 34,043 4,178 8,074 Vehicles — 2,479 — 2,479 — 554 — 554 1,925 —
Total 1,261,540 1,609,639 53,548 2,817,631 665,935 188,041 44,014 809,962 2,007,669 595,605
Capital Work in progress 186,770 14,930
Total 2,194,439 610,535
Previous Year 1,111,984 149,556 — 1,261,540 506,023 159,912 — 665,935 595,605
SCHEDULE - 11CASH AND BANK BALANCES (Rs. ‘000)
Particulars March 31, 2007 March 31, 2006
Cash (including cheques, drafts and stamps) 1,851,229 1,182,657 Bank Balance (a) Deposit Account : (aa) Short-term (due within 12 months of the date of balance sheet) — — (bb) Others — — (b) Current accounts 2,972,598 1,276,319 Money at call and short notice — — Others — —
Total 4,823,827 2,458,976
CASH BANK BALANCESIn India 4,822,719 2,455,984 Outside India 1,108 2,992
Total 4,823,827 2,458,976
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SCHEDULE - 12ADVANCES AND OTHER ASSETS (Rs. ‘000)
Particulars March 31, 2007 March 31, 2006
ADVANCESPrepayments 83,307 78,747 Advance tax paid and taxes deducted at source 539 91 Deposits 325,320 181,661 Other advances 502,285 89,806 Other receivables 208,935 103,883
Total (A) 1,120,386 454,188
OTHER ASSETSIncome accrued on investments/deposits 358,642 264,144 Outstanding premiums 147,343 132,157 Deposit with Reserve Bank of India (Refer to Note 3.9 of Schedule 16) — — Sundry Debtors (Investments) 83,648 105,455 Others 649,260 165,126
Total (B) 1,238,893 666,882
Total (A+B) 2,359,279 1,121,070
SCHEDULE - 13CURRENT LIABILITIES (Rs. ‘000)
Particulars March 31, 2007 March 31, 2006
Agents’ Balances 499,918 268,490 Sundry Creditors 117,687 81,875 Deposits 5,981 5,981 Expenses payable 2,616,644 1,356,845 Reinsurance premium payable 73,462 24,475 Due to holding company 590,444 226,627 TDS payable 248,421 141,351 Claims outstanding 37,348 27,990 Unallocated premium (Suspense) 1,739,821 478,024 Premium received in advance 204,898 393,171 Outstanding purchases (Investments) 5,989 105,104 Other liabilities 3,920,470 2,824,984
Total 10,061,083 5,934,917
SCHEDULE - 14PROVISIONS (Rs. ‘000)
Particulars March 31, 2007 March 31, 2006
For taxation (less payments and taxes deducted at source) — — For proposed dividends — — For dividend distribution tax — — Others provisions 649,260 163,087
Total 649,260 163,087
SCHEDULE - 15MISCELLANEOUS EXPENDITURE(To the extent not written off or adjusted) (Rs. ‘000)
Particulars March 31, 2007 March 31, 2006
Discount allowed in issue of shares/debentures — — Others — —
Total — —
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SCHEDULE - 16
Significant accounting policies and notes forming part of the accounts for the year ended March 31, 2007
1. Background
ICICI Prudential Life Insurance Company Limited (‘the Company’) a joint venture between ICICI Bank Limited
and Prudential Corporation Holdings Limited was incorporated on July 20, 2000 as a company under the
Companies Act, 1956 (‘the Act’). The Company is licensed by the Insurance Regulatory and Development
Authority (‘IRDA’) for carrying life insurance business in India.
The Company’s life insurance business comprises individual life and pension and group life, superannuation
& gratuity business, including participating, non-participating, annuities, pension, health and linked segments.
Some of these policies have riders attached to them such as Accident and Disability Benefit, Level Term,
Critical Illness, Waiver of Premium and Major Surgical Assistance. These products are distributed through
individual agents, corporate agents, banks and brokers.
2. Summary of significant accounting policies
2.1 Basis of preparation
The accompanying financial statements have been prepared & presented under the historical cost convention,
on the accrual basis of accounting, in accordance with accounting principles generally accepted in India, in
compliance with the accounting standards (`AS`) issued by the Institute of Chartered Accountants of India
(‘ICAI’), to the extent applicable, and in accordance with the provisions of the Insurance Act, 1938, Insurance
Regulatory and Development Authority Act, 1999, and the regulations framed thereunder, the Act to the
extent applicable, various circulars issued by IRDA and the practices prevailing within the insurance industry
in India.
2.2 Use of estimates
The preparation of financial statements in conformity with generally accepted accounting principles requires
management to make estimates and assumptions that affect the reported amount of assets, liabilities,
revenues and expenses and disclosure of contingent liabilities as on the date of the financial statements. The
estimates and assumptions used in the accompanying financial statements are based upon management’s
evaluation of the relevant facts and circumstances as on the date of the financial statements. Actual results
could differ from those estimates. Any revision to accounting estimates is recognised prospectively.
2.3 Revenue recognition
2.3.1. Premium income
Premium is recognised as income when due. Premium on lapsed policies is recognised as income
when such policies are reinstated.
Top up premiums are considered as single premium.
For linked business, premium is recognised as income when the associated units are created.
2.3.2. Income from linked fund
Income from linked funds which includes fund management charges, policy administration charges,
mortality charges, etc. are recovered from the linked fund in accordance with terms and conditions of
policy and are accounted on accrual basis.
2.3.3. Income earned on investments
Interest income on investments is recognised on accrual basis. Accretion of discount and amortisation
of premium relating to debt securities is recognised over the holding/maturity period on a straight-line
basis.
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Dividend income is recognised when the right to receive dividend is established.
Realised gain/loss on debt securities for other than linked business is the difference between the sale
consideration and the amortised cost, which is computed on a weighted average basis, as on the date
of sale.
Realised gain/loss on debt securities for linked business is the difference between the sale consideration
and the book value, which is computed on weighted average basis, as on the date of sale.
Profit or loss on sale of equity shares/mutual fund units is the difference between the sale
consideration & the value in the books of the Company. In respect of non linked business the profit
or loss includes the accumulated changes in the fair value previously recognised under “Fair Value
Change Account”.
2.3.4. Income earned on loans
Interest income on loans is recognised on an accrual basis.
2.3.5. Income from operating leases
Leases where the lessor effectively retains substantially all the risks and benefits of ownership over
the lease term are classified as operating leases. Operating lease rentals are recognised as income
when due.
2.4 Reinsurance premium
Cost of reinsurance ceded is accounted for at the time of recognition of premium income in accordance with
the treaty or in-principle arrangement with the reinsurer. Profit commission on reinsurance ceded is netted
off against premium ceded on reinsurance.
2.5 Benefits Paid
Benefits paid comprise of policy benefits & claim settlement costs, if any.
Death, rider & surrender claims are accounted for on receipt of intimation. Survival benefit claims and maturity
claims are accounted when due. Withdrawals under linked policies are accounted in the respective schemes
when the associated units are cancelled. Reinsurance recoveries on claims are accounted for, in the same
period as the related claims.
2.6 Acquisition Costs
Acquisition costs are costs that vary with & are primarily related to acquisition of insurance contracts & are
expensed in the period in which they are incurred.
2.7 Actuarial liability valuation
Actuarial liability for life policies in force and for policies in respect of which premium has been discontinued
but a liability exists, is determined by the Appointed Actuary using the gross premium method, in accordance
with accepted actuarial practice, requirements of Insurance Act 1938, IRDA regulations and the stipulations
of Actuarial Society of India. Liabilities under unit linked policies are the sum total of the unit value and a
provision for the unexpired mortality and morbidity risk determined on unearned premium basis.
2.8 Investments
Investments are made in accordance with the Insurance Act, 1938, the IRDA (Investment) Regulations, 2000,
and various other circulars/notifications issued by the IRDA in this context from time to time.
Investments are recorded at cost on the date of purchase, which includes brokerage and taxes, if any, and
excludes accrued interest.
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2.8.1. Classification
Investments maturing within twelve months from the balance sheet date and investments made
with the specific intention to dispose them off within twelve months from the balance sheet date are
classified as short-term investments.
Investments other than short-term investments are classified as long-term investments.
2.8.2. Valuation – shareholders’ investments and non-linked policyholders’ investments
All debt securities are considered as ‘held to maturity’ and accordingly stated at historical cost, subject
to amortisation of premium or accretion of discount in the revenue account or the profit and loss
account over the period of maturity/holding on a straight line basis.
Listed equity shares as at the balance sheet date are stated at fair value being the last quoted closing
price on the National Stock Exchange (‘NSE’) (In case of securities not listed on NSE, the last quoted
closing price on the Bombay Stock Exchange (‘BSE’) is used). Mutual fund units as at the balance
sheet date are valued at the previous day’s net asset values. Equity shares awaiting listing are stated
at historical cost subject to provision for diminution, if any, in the value of such investment determined
separately for each individual investment.
Unrealised gains/losses arising due to changes in the fair value of listed equity shares and mutual fund
units are taken to “Fair Value Change Account” and carried forward in the balance sheet.
Investment in real estate is valued at historical cost, subject to revaluation (done at least once in every
three years) & provision for impairment, if any. Change in carrying amount of investments in real estate
is taken to Revaluation Reserve under Policyholders’ Funds in the balance sheet.
2.8.3. Valuation - linked business
Securities issued by Government of India are valued at prices obtained from Credit Rating Information
Services of India Ltd. (‘CRISIL’). Government securities issued by various State Governments of India
and money market instruments are valued at historical cost, subject to amortisation of premium or
accretion of discount in the revenue account of linked funds over the period of maturity/holding on a
straight-line basis. Debt securities other than Government securities are valued on the basis of CRISIL
bond valuer.
Listed equity shares are valued at fair value, being the last quoted closing price on the NSE (In case of
securities not listed on NSE, the last quoted closing price on the BSE is used). Mutual fund units are
valued at the previous day’s net asset values. Other investments are valued as per approved valuation
policy.
Unrealised gains and losses are recognised in the respective fund’s revenue account.
2.8.4. Transfer of investments
Transfer of investments from Shareholders’ Fund to the Policyholders’ Fund is at cost or market
price, whichever is lower. However in case of debt securities all transfers are carried out at the net
amortised cost. Transfer of investments between unit linked funds is done at market price.
2.9 Loans
Loans are stated at historical cost, subject to provision for impairment, if any.
2.10 Fixed assets, Intangibles and Impairment
2.10.1. Fixed assets and depreciation
Fixed assets are stated at cost less accumulated depreciation. Cost includes the purchase price and
any cost directly attributable to bringing the asset to its working condition for its intended use. Assets
54
costing upto Rs. 20,000 (Rupees twenty thousand) are fully depreciated in the year of acquisition.
The rate of depreciation is higher of the managements estimate based on useful life or the rates
prescribed under the Act. Depreciation is provided using Straight-Line Method (‘SLM’) prorated from
the date of acquisition/upto the date of sale, based on estimated useful life for each class of asset, as
stated below :
Asset Depreciation rates
Buildings 1.63%
Leasehold improvements Over the lease period, subject to
a maximum of 9 years
Communication networks and servers 25%
Computers and peripheral equipments 33.33%
Office Equipment 25%
Furniture & Fixtures 25%
Motor Vehicles 25%
2.10.2. Intangibles
Intangible assets comprising software are stated at cost less amortisation. Significant improvements
to software are capitalised and amortised over the remaining useful life of original software. Software
expenses are amortised using Straight Line Method over a period of 3 years from the date of being
put to use.
2.10.3. Impairment of assets
Management periodically assesses, using external and internal sources, whether there is any indication
that an asset may be impaired. Impairment occurs where the carrying value exceeds the present value
of future cash flows expected to arise from the continuing use of the asset and its eventual disposal.
The impairment loss to be expensed is determined as the excess of the carrying amount over the
higher of the asset’s net sales price or present value as determined above.
2.11 Operating leases
Leases where the lessor effectively retains substantially all the risks and benefits of ownership over the
leased term are classified as operating leases. Operating lease rentals are recognised as an expense, as
applicable, over the lease period.
2.12 Staff benefits
The Company has undertaken an early adoption of AS 15 (Revised 2005) on “Employee Benefits”, issued
by ICAI.
All short-term employee benefits are accounted on undiscounted basis during the accounting period based
on services rendered by employees.
The Company has incorporated a Provident Fund Trust to which it pays a fixed contribution at the rate specified
in the trust deed. The trust deed also provides for the Company to indemnify to the trust, interest at the rates
prescribed by the Central Government, in case the fund does not hold sufficient assets. The Company has
categorised its Provident Fund as a defined benefit plan & accordingly all contributions including interest
differential if any, are charged to the revenue account & the profit & loss account, as applicable.
The Company’s liability towards gratuity & leave encashment being defined benefit plans is accounted for on
the basis of an independent actuarial valuation done at the year end and actuarial gains/losses are charged to
the revenue account and the profit & loss account as applicable.
55
Superannuation is a defined contribution plan. The Company has accrued for superannuation liability based
on a percentage of basic salary payable to eligible employees for the period of service.
2.13 Foreign exchange transactions
Transactions in foreign currencies are recorded at the exchange rates prevailing at the date of the transaction.
Current assets and liabilities in foreign currency, if any, are translated at the year-end closing rates. The
resulting exchange gain or loss arising either on settlement or on translation, if any, are reflected in the
revenue account and the profit and loss account as applicable.
2.14 Segment reporting policies
Based on the primary segments identified under IRDA (Preparation of Financial Statements and Auditors’
Report of Insurance Companies) Regulations 2002 (‘the Regulations’) read with AS 17 on “Segmental
Reporting” issued by ICAI, the Company has classified & disclosed segmental information into Shareholder
& Policyholder - Participating, Non Participating, Pension, Linked (Life, Pension & Group), Health & Annuity
businesses.
There are no reportable geographical segments, since all business is written in India.
Allocation of expenses
Operating expenses relating to insurance business are allocated to specific business segments in the following
manner, which is applied on a consistent basis.
Expenses that are directly identifiable to the segment are allocated on actual basis.
Other expenses (including depreciation and amortisation), that are not directly identifiable to a business
segment, are allocated on either of the following bases:
• Number of policies
• Weighted annualised first year premium income
• Sum assured
• Total premium income
• Medical cases
• Funds under management
The method of allocation has been decided based on the nature of the expense and its logical co-relation with
various business segments.
2.15 Taxation
Tax expense comprises current income tax, deferred tax & fringe benefit tax. Current income tax & fringe benefit
tax comprises the amount of tax for the period determined in accordance with the Income-tax Act, 1961. Deferred
tax charge or credit reflects the tax effects of timing differences like carry forward of losses. The deferred tax
charge or credit and the corresponding deferred tax liabilities or assets are recognised using the tax rates that
have been enacted or substantively enacted by the balance sheet date. The effect of change in tax rates on
deferred tax assets and liabilities is recognised in the profit and loss account in the year of change.
Deferred tax assets are recognised only if there is a virtual certainty backed by convincing evidence of realisation
of such assets. Deferred tax assets are reviewed as at each balance sheet date and are appropriately adjusted
to reflect the amount that is reasonably or virtually certain to be realised.
2.16 Service tax unutilised credit
Service Tax liability on life insurance service is set-off against the service tax credits available from tax paid on
input services. Unutilised credits, if any, are carried forward for future set-off. A provision is created based on
estimated realisation of such unutilised credit.
56
2.17 Employee Stock Option Scheme
The Company has formulated an Employee Stock Option Scheme (‘the Scheme’). The Scheme provides that
eligible employees are granted options to acquire equity shares of the Company that vest in graded manner.
The vested options may be exercised within a specified period. The exercise price of the option is diluted
when there is a subsequent issue of shares at a price lower than the grant price. The Company had until
March 31, 2006 adopted “Fair Value” method of valuing the options and used the option pricing model in
accordance with the Black Scholes formula. During the year, the Company has decided to follow the “Intrinsic
Value” method for valuing the options with effect from April 1, 2006. The intrinsic value of the options (if
any) is amortised over the vesting period. Incremental intrinsic value of options, arising from modification of
exercise price if any, is amortised over the remainder of the vesting period.
2.18 Provisions & Contingencies
The Company creates a provision for claims (other than insurance claims), litigation, assessment, fines,
penalties, etc. when there is present obligation as a result of a past event that probably requires an outflow of
resources and a reliable estimate can be made of the amount of the obligation. A disclosure for a contingent
liability is made when there is a possible obligation or a present obligation that may, but probably will not,
require an outflow of resources. When there is a possible obligation or a present obligation in respect of
which the likelihood of outflow of resources is remote, no provision or disclosure is made.
2.19 Earnings per share
Basic earnings per share are calculated by dividing the net profit or loss for the period attributable to equity
shareholders by the weighted average number of equity shares outstanding during the period. For the
purpose of calculating diluted earnings per share, the net profit or loss for the period attributable to equity
shareholders and the weighted average number of shares outstanding during the period are adjusted for the
effects of all dilutive potential equity shares.
2.20 Appropriation/Expropriation
In accordance with the ULIP guidelines issued by IRDA effective July 1, 2006 the Company has followed
the Appropriation/Expropriation method for calculating the Net Asset Value (NAV). This method provides
for adjusting the NAV on account of the ‘Dealing Costs’. The accounting for dealing costs is disclosed in
the Revenue Account as an adjustment with corresponding changes to the Change in Valuation of Policy
Liability Account. Corresponding adjustments are also made in the Assets Held to cover Policy Liabilities &
the Provisions for Linked Liabilities in the Balance Sheet.
2.21 Funds for Future Appropriations – Linked
Amounts estimated by Appointed Actuary as Funds for Future Appropriations (FFA) – Linked are required to
be set aside in the balance sheet and are not available for distribution to shareholders until the expiry of the
revival period. The Company previously appropriated FFA from Profit and Loss Account. From April 1, 2006
onwards, the Company has changed the accounting of FFA as required by IRDA and appropriates FFA from
the Revenue Account.
57
3. Notes to accounts
Regulatory disclosures
Regulatory disclosures as required by the IRDA (Preparation of Financial Statements and Auditors’ Report of
Insurance Companies) Regulations 2002 (‘the Regulations’):
3.1 Contingent liabilities (Rs. ‘000)
Particulars As at March 31, 2007 As at March 31, 2006Partly-paid up investments 70,177 108,864
Underwriting commitments outstanding – –
Claims, other than those under policies, not acknowledged as debts 1,063 –
Guarantees given by or on behalf of the company – –Statutory demands/liabilities in dispute, not provided for* 85,694 85,694Reinsurance obligations to the extent not provided for in accounts – –Others - Policy related claims under litigation 12,576 –
* Company has received a Show Cause-Cum-Demand notice dated April 19, 2006 from Office of the Commissioner of Service Tax with respect to excess utilisation of cenvat credit towards service tax liability.
3.2 Actuarial method and assumptions
The actuarial liability on both participating and non-participating policies is calculated using the gross premium method, using assumptions for interest, mortality, expense and inflation, and in the case of participating policies, future bonuses together with allowance for taxation and allocation of profits to shareholders. These assumptions are determined as prudent estimates at the date of valuation with allowances for adverse deviations. No allowance is made for expected lapses or policies expected to convert to paid-ups.
The interest rates used for valuing the liabilities are in the range of 4.7% to 10% per annum (Previous year - 4.7% to 10% per annum).
Mortality rates used are based on the published L.I.C. (1994 – 96) Ultimate Mortality Table for assurances and LIC 96-98 table for annuities, adjusted to reflect expected experience whilst morbidity rates used are based on CIBT 93 table, also adjusted for expected experience.
Expenses are provided for at long term expected renewal expense levels. Per policy renewal expenses are assumed to inflate at 5.50%.
Unearned premium reserves are held for the unexpired portion of the risk for the general fund liabilities of linked business and riders thereunder and one year renewable group term insurance.
The unit liability in respect of linked business has been taken as the value of the units standing to the credit of policyholders, using the net asset value (NAV) prevailing at the valuation date. The adequacy of charges under unit-linked policies to meet future expenses has been tested and provision made as appropriate. Provision has also been made for the cost of guarantee under unit-linked products that carry a guarantee.
3.3 Encumbrances of assets
The assets of the Company are free from all encumbrances as at March 31, 2007. (Previous year: Rs. Nil).
3.4 Assets to be deposited under local laws
There are no assets required to be deposited by the Company under any local laws or otherwise encumbered in or outside India as of March 31, 2007 except investments to be held under Section 7 of the Insurance Act, 1938 as disclosed under 3.9 below. (Previous year: Rs. Nil).
3.5 Restructured Assets
There are no assets including loans subject to re-structuring (Previous year: Rs. Nil).
58
3.6 Commitments
Commitments made and outstanding for loans and investment is Rs. Nil (Previous year: Rs. Nil)
Estimated amount of contracts remaining to be executed on fixed assets to the extent not provided for (net
of advance) is Rs. 63,051 thousand (Previous year: Rs. 25,426 thousand).
3.7 Claims
Claims settled and remaining unpaid, pending receipt of succession certificates, for a period of more than six
months as at March 31, 2007 amount to Rs. 4,943 thousand (Previous year: Rs. 2,853 thousand).
3.8 Managerial remuneration
The details of the Managing and Executive Directors’ remuneration included in employee remuneration &
welfare benefits are as follows:
(Rs. ‘000)
Particulars March 31, 2007 March 31, 2006
Salary, perquisites and bonus 29,887 19,262
Contribution to Provident Fund 1,248 768
Notes: Perquisites & bonus are based on actual payment.
Expenses towards gratuity and leave encashment provision are determined actuarially for the company
as a whole on an annual basis and accordingly have not been considered in the above information.
The managerial remuneration is in accordance with the requirements of Section 34A of the Insurance
Act, 1938 and as approved by IRDA.
3.9 Investments
l The investments are effected from the respective funds of the policyholders or shareholders and
income thereon has been accounted accordingly.
l All investments are performing investments.
l Investments under Section 7 of the Insurance Act, 1938 are as follows:
(Rs. ‘000)
Particulars March 31, 2007 March 31, 2006
7.40% Govt. of India Securities * 90,050 100,050
12.32% Govt. of India Securities* 10,000 12,165
Total 100,050 112,215
* This investment is held by the custodian in Constituent Subsidiary General Ledger Account under
intimation to IRDA.
3.10 Value of investment contracts where settlement or delivery is pending is as follows:
(Rs. ‘000)
Particulars March 31, 2007 March 31, 2006
LinkedBusiness
Non-linkedBusiness
LinkedBusiness
Non-linkedBusiness
Purchases where deliveriesare pending 1,945,226 5,989 2,398,174 105,104
Sales where receipts are pending 552,315 83,648 473,442 105,455
59
3.11 Real Estate – Investment Property
In accordance with the IRDA Regulations, 2002 (Preparation of Financial Statements & Auditors Report of
Insurance Companies), the value of Investments in real estate property are subject to revaluation at least once
in three years. As a result, during the year the Company’s real estate investments have been revalued by an
independent valuer. The value of real estate investment based on valuation report dated March 27, 2007 is
disclosed at revalued amount and the change in carrying amount is classified under Revaluation Reserve.
The value of the investment property in accordance with the independent valuation dated March 27, 2007 is
Rs. 501,840 thousand (Historical cost: Rs. 185,521 thousand).
3.12 Sector-wise percentage of business
Sector-wise break-up of policies issued during the year is as follows:
Sector March 31, 2007 March 31, 2006
Rural – Number of policies 434,005 156,433
– Percentage of total policies 22% 19%
Social – Number of policies 54 15
– Percentage of total policies 0.0028% 0.0018%
– Number of lives 117,709 162,463
– Percentage of group lives 21% 34%
– Gross premium (Rs. ‘000) 19,833 11,035
– Percentage of total premium 0.04% 0.04%
Total – Number of policies 1,960,034 838,242
– Number of group lives 551,101 474,693
– Gross premium (Rs. ‘000) 51,621,312 26,025,017
3.13 Risks retained and reinsured
Extent of risk retained and reinsured based on sum assured, is as follows:
Particulars March 31, 2007 March 31, 2006
Individual businessRisk retainedRisk reinsured
93%7%
92%8%
Group businessRisk retainedRisk reinsured
38%62%
35%65%
Other disclosures
3.14 Deferred taxes
Deferred tax asset is recognized on carry forward of eligible tax losses which can be set off against future
taxable income.
Deferred Tax Asset is created on current year’s eligible tax losses to the extent it is virtually certain of
realisability. As at March 31, 2007, Rs. 690,004 thousand represents asset on carry forward unabsorbed
losses (Previous year: Rs. 262,384 thousand).
3.15 Operating lease commitments
The Company takes premises (both commercial and residential), office equipments, computers, servers &
modular furniture on lease. Certain lease arrangements provide for cancellation by either party and also
60
contain a clause for renewal of the lease agreement. Lease payments on cancelable and non-cancelable
operating lease arrangements are charged to the revenue account and the profit and loss account; and the
future minimum lease payments in respect of non-cancelable operating leases as at the balance sheet date
are summarised below: (Rs. ‘000)
Particulars March 31, 2007 March 31, 2006
Not later than one year 314,888 152,442Later than one year but not later than five years 693,501 326,978Later than five years — —
The total operating lease rentals charged to profit and loss account in the current year is Rs. 216,640
thousand (Previous year Rs. 127,345 thousand)
3.16 Details of related parties and transactions with related parties
Related parties and nature of relationship
Nature of relationship Name of the related party
Holding Company ICICI Bank Limited
Substantial Interest Prudential Corporation Holding Limited
Fellow Subsidiaries ICICI Securities Limited (formerly known as ICICI Brokerage Services Ltd)ICICI Venture Funds Management Company Limited ICICI Home Finance Company LimitedICICI Lombard General Insurance Company LimitedICICI Trusteeship Services LimitedICICI Securities Primary Dealership Limited (formerly known as ICICI Securities Limited)ICICI Securities IncICICI Securities Holding IncICICI Investment Management Company LimitedICICI International LimitedICICI Bank UK LimitedICICI Bank CanadaICICI Bank Eurasia Limited Liability CompanyPrudential ICICI Asset Management Company LimitedPrudential ICICI Trust LimitedICICI Property TrustICICI Eco-net Internet and Technology FundICICI Equity FundICICI Emerging Sectors FundICICI Strategic Investments FundTCW/ICICI Investment Partners Limited Liability CompanyTSI Ventures (India) Private Limited
Key management Shikha Sharma, Managing Directorpersonnel N. S. Kannan, Executive Director
Bhargav Dasgupta, Executive Director (appointed on November 6, 2006)
Significant influence ICICI Prudential Life Insurance Company Limited Employees’ Group Gratuity Cum Life Insurance Scheme
ICICI Prudential Life Insurance Company Limited Employees’ Provident Fund
ICICI Prudential Life Insurance Company Limited Superannuation Scheme
61
The following represents significant transactions between the Company and related parties.
Transactions for the year ended March 31, 2007: (Rs. ‘000)
Particulars
Holdingcompany
Fellowsubsidiaries
Companieshaving
SubstantialInterest
KeyManagement
Personnel
Companieshaving
SignificantInfluence
Income
Premium income 453,565 24,338 — 800 10,374
Interest income 191,050 14,075 — — —
Expenses
* Establishment &other expenditure 2,311,512 72,582 — 31,135 —
Provident fund,Superannuation andGratuity contribution — — — — 138,648
Claims 3,423 — — — 1,067
Others
Share capital issued during the year 924,286 — 324,749 — —
Share Premium 5,545,714 — 1,948,494 — —
Purchase of securities 5,225,138 5,693,062 — — —
Sale of securities 467,429 3,284,119 — — —
Repo transactions 1,200,380 9,202,635 — — —
Purchase of Fixed Asset 945,000 — — — —
*Establishment & other expenditure include expenses for sharing of common services and facilities, consultancy
fees, insurance, business support and managerial remuneration.
Balances of Related Parties as at March 31, 2007: (Rs. ‘000)
Particulars Holding
company
Fellow
subsidiaries
Companies
having
Substantial
Interest
Key
Management
Personnel
Companies
having
Significant
Influence
Assets
Long-term fixed deposits & Corporate bonds/Deposits 629,963 146,675 — — —
Cash, Bank balances andDeposits 3,575,194 — — — —
Income accrued on investments 74,143 3,337 — — —
Other assets 58,024 27,459 — — —
Liabilities
Share capital 9,693,286 — 3,405,749 — —
Share Premium 5,545,714 — 1,948,494 — —
Other liabilities 515,218 3,286 — — —
62
Transactions for the year ended March 31, 2006: (Rs. ‘000)
Particulars
Holding
company
Fellow
subsidiaries
Companies
having Substantial
Interest
Key
Management
Personnel
Companies
having Significant
Influence
Income
Premium income 106,663 26,312 — 491 16,128
Interest income 64,632 — — — —
Expenses
* Establishment & other expenditure 1,000,982 49,514 — 20,030 —
Provident fund, Superannuation and Gratuity contribution — — — — 80,285
Claims 29,750 1,226 — — 598
Others
Share capital issued during the year 1,924,000 — 676,000 — —
Purchase of securities 4,283,429 54,114,656 — — —
Sale of securities 1,059,349 1,653,641 — — —
*Establishment & other expenditure include expenses for sharing of common services and facilities, consultancy
fees, insurance, business support and managerial remuneration. Expenses also include amount of brokerage paid to
ICICI Securities Limited which is included in the cost of investments (For the year 2005-06 Rs. 20,553 thousand).
Balances of Related parties as at March 31, 2006: (Rs. ‘000)
Particulars
Holding
company
Fellow
subsidiaries
Companies having
Substantial
Interest
Key
Management
Personnel
Companies
having Significant
Influence
Assets
Long-term fixed Deposits & Corporate bonds / Deposits 572,975 120,000 — — —
Cash, Bank balances and Deposits 4,426,448 — — — —
Income accrued on investments 36,178 — — — —
Other assets 134 20,922 — — 1,929
Liabilities
Share capital 8,769,000 — 3,081,000 — —
Others. liabilities 226,652 — — — 6,128
3.17 Segmental Reporting
Income and expenses directly attributable or allocable to the segments are recorded and disclosed under the
respective segments in the revenue account and profit and loss account, as applicable.
Investments and policy liabilities are disclosed in the balance sheet under the respective segments. Net
fixed assets of Rs. 2,194,439 thousand (Previous year Rs. 610,535 thousand) are disclosed in shareholders
segment. Depreciation expense has been allocated as disclosed in Note 2.14.
63
Segment-wise information of current assets, loans, deferred tax asset and current liabilities & provisions to
the extent identifiable are given below:
(Rs. ‘000)
Business SegmentsCurrent Assets, Loans & Deferred Tax Asset Current Liabilities & Provisions
March 31, 2007 March 31, 2006 March 31, 2007 March 31, 2006
Shareholders 5,376,010 3,415,332 4,473,401* 5,955,837*
Par Life 377,587 205,144 335,215 78,210
Par Pension 89,472 75,874 68,265 41,580
Non-Par 169,798 52,833 232,206 5,349
Annuity Non-Par 41,707 2,447 17,574 —
Health 40,559 20 140,479 26
Linked Life 1,550,897 81,227 4,350,074 16,715
Linked Pension 249,327 18,829 1,042,988 136
Linked Group 18,147 4,971 50,141 151
Total 7,913,504 3,856,677 10,710,343 6,098,004
* Includes amounts subsequently transferred to the respective schemes under linked business.
Segment-wise information of non-cash items being amortisation of premium included in interest income on debt
instruments is tabled below:
(Rs. ‘000)
Business Segments March 31, 2007 March 31, 2006
Shareholders (61,016) 2,541
Par Life 24,024 29,103
Par Pension 12,263 11,662
Non-Par (2,266) 13,363
Annuity Non-Par (789) —
Health (276) —
Linked Life (175) 6,085
Linked Pension (1,835) 2,035
Linked Group (866) 32
Total (30,936) 64,821
64
3.18
F
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Form
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(Rs.
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Part
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Sche
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To
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SOU
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DS
Polic
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’ Fun
ds:
Polic
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ion
F-1
18,
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6,8
85,4
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52,
680,
116
855
,520
1
37,0
59
1,1
38,8
20
543
,197
3
75,7
60
140
,549
2
,751
,428
8
3,52
6,55
2
Reve
nue
Acco
unt
3,8
68,3
81
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,178
1
0,91
6,92
5 (1
3,99
8) 3
,094
1
27,4
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18,
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(5,2
38)
64
4,5
14
15,
644,
519
Tota
l 2
1,88
6,99
5 7
,610
,667
6
3,59
7,04
1 8
41,5
22
140
,153
1
,266
,297
5
61,3
19
370
,522
1
40,6
13
2,7
55,9
42
99,
171,
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APP
LIC
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ON
OF
FUN
DS
Inve
stm
ents
F-2
21,
199,
021
7,3
46,3
00
63,
025,
499
804
,580
1
34,6
11
1,2
42,8
39
534
,584
3
49,8
64
97,
261
2,3
66,0
14
97,
100,
573
Curr
ent A
sset
sF-
3 7
75,9
40
272
,935
1
,425
,771
3
7,71
6 5
,678
2
4,31
4 3
1,27
7 2
5,97
6 6
5,89
3 1
,037
,432
3
,702
,932
Less
: Cur
rent
Lia
bilit
ies
and
Prov
isio
nsF-
4 8
7,96
6 8
,568
8
54,2
29
774
1
36
856
4
,542
5
,318
2
2,54
1 6
47,5
04
1,6
32,4
34
Net
cur
rent
ass
ets
687
,974
2
64,3
67
571
,542
3
6,94
2 5
,542
2
3,45
8 2
6,73
5 2
0,65
8 4
3,35
2 3
89,9
28
2,0
70,4
98
Tota
l 2
1,88
6,99
5 7
,610
,667
6
3,59
7,04
1 8
41,5
22
140
,153
1
,266
,297
5
61,3
19
370
,522
1
40,6
13
2,7
55,9
42
99,
171,
071
(a)
Net
Ass
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s pe
r Bal
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Sh
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Tota
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le
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and
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6,99
5 7
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6
3,59
7,04
1 8
41,5
22
140
,153
1
,266
,297
5
61,3
19
370
,522
1
40,6
13
2,7
55,9
42
99,
171,
071
(b)
Num
ber o
f Uni
ts o
utst
andi
ng 1
,089
,472
,348
5
59,1
41,7
00
1,9
94,9
07,7
38 7
2,85
8,08
7 1
2,09
0,26
9 1
07,3
18,8
49
42,
585,
264
33,
801,
674
13,
921,
955
272
,610
,097
4
,198
,707
,981
(c)
NAV
per
Uni
t (a)
/(b) (
Rs.)
20.
09
13.
61
31.
88
11.
55
11.
59
11.
80
13.
18
10.
96
10.
10
10.
11
65
3.18
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Form
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SO
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Pol
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1 5
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,342
2
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,104
1
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6,54
2 6
9,81
2 7
6,91
5 1
08,6
14
51,
589
1,2
03,8
46
20,
810,
764
Rev
enue
Acc
ount
1,2
73,4
99
308
,864
2
,203
,546
4
,232
7
,730
1
0,47
7 2
56
3,1
39
3,8
11,7
43
To
tal
6,8
09,8
41
3,2
15,9
68
13,
060,
088
74,
044
84,
645
119
,091
5
1,84
5 1
,206
,985
2
4,62
2,50
7
AP
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ents
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811,
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71,
178
83,
028
110
,066
4
3,01
1 1
,049
,613
2
3,91
0,88
2
Cur
rent
Ass
ets
F-3
199
,423
1
04,7
60
392
,926
2
,937
1
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1
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Less
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5 3
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1
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51
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90
270
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4
46,5
95
Net
cur
rent
ass
ets
182
,008
1
01,1
36
248
,767
2
,866
1
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9
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1
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,625
To
tal
6,8
09,8
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68
13,
060,
088
74,
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84,
645
119
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5
1,84
5 1
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,985
2
4,62
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7
(a)
Net
Ass
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alan
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heet
(Tot
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Ass
ets
less
Cur
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Li
abili
ties
and
Pro
visi
ons)
(R
s. in
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,841
3
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,968
1
3,06
0,08
8 7
4,04
4 8
4,64
5 1
19,0
91
51,
845
1,2
06,9
85
24,
622,
507
(b)
Num
ber
of U
nits
ou
tsta
ndin
g 3
84,3
97,0
30
248
,986
,166
4
57,4
47,8
89
6,5
26,5
75
7,1
92,6
97
9,0
08,4
00
5,1
20,3
40
119
,610
,804
1
,238
,289
,900
(c)
NA
V p
er U
nit (
a)/(b
) (R
s.)
17.
72
12.
92
28.
55
11.
35
11.
77
13.
22
10.
13
10.
09
66
3.18
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Form
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Po
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Pol
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1 3
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,925
4
08,9
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1,9
44,7
83
359
,509
2
02,0
48
2,5
66
1,1
93,3
25
13,
889
8,0
60,9
98
112
,398
,314
Rev
enue
Acc
ount
449
,136
1
3,44
3 7
9,54
0 4
,492
1
5,42
3 5
7 1
06,2
94
210
6
68,5
95
20,
124,
857
To
tal
4,3
85,0
61
422
,396
2
,024
,323
3
64,0
01
217
,471
2
,623
1
,299
,619
1
4,09
9 8
,729
,593
1
32,5
23,1
71
AP
PLI
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TIO
N O
F FU
ND
S
Inve
stm
ents
F-2
4,2
48,6
61
412
,247
1
,473
,369
3
62,3
57
208
,425
2
,478
1
,331
,653
1
4,12
6 8
,053
,316
1
29,0
64,7
71
Cur
rent
Ass
ets
F-3
141
,058
1
0,50
5 5
52,4
01
1,8
15
10,
408
148
1
1,85
0 2
02
728
,387
5
,589
,539
Less
: C
urre
nt L
iabi
litie
s an
d P
rovi
sion
sF-
4 4
,658
3
56
1,4
47
171
1
,362
3
4
3,88
4 2
29
52,
110
2,1
31,1
39
Net
cur
rent
ass
ets
136
,400
1
0,14
9 5
50,9
54
1,6
44
9,0
46
145
(
32,0
34)
(27
) 6
76,2
77
3,4
58,4
00
To
tal
4,3
85,0
61
422
,396
2
,024
,323
3
64,0
01
217
,471
2
,623
1
,299
,619
1
4,09
9 8
,729
,593
1
32,5
23,1
71
(a)
Net
Ass
et a
s pe
r B
alan
ce S
heet
(Tot
al
Ass
ets
less
Cur
rent
Li
abili
ties
and
Pro
visi
ons)
(R
s. in
‘000
) 4
,385
,061
4
22,3
96
2,0
24,3
23
364
,001
2
17,4
71
2,6
23
1,2
99,6
19
14,
099
8,7
29,5
93
132
,523
,171
(b)
Num
ber
of U
nits
ou
tsta
ndin
g 2
85,2
97,2
00
34,
445,
957
165
,341
,703
3
3,21
4,20
9 1
9,11
4,11
8 2
47,8
08
66,
517,
754
1,3
70,8
57
605
,549
,605
6
,042
,547
,486
(c)
NA
V p
er U
nit (
a)/(b
) (R
s.)
15.
37
12.
26
12.
24
10.
96
11.
38
10.
58
19.
54
10.
28
67
Sch
edul
e: F
-1
PO
LIC
YH
OLD
ER
S’ C
ON
TR
IBU
TIO
N
(Rs.
’000
)
Par
ticu
lars
Link
ed F
und
s
Bal
ance
r P
rote
cto
r M
axim
iser
C
ash
Plu
s S
ecur
e P
lus
Pre
serv
er
Inve
st
Shi
eld
Li
fe
New
Inve
st
Shi
eld
B
alan
ced
Flex
i B
alan
ced
Fl
exi
Gro
wth
T
ota
l
Ope
ning
bal
ance
1
3,04
1,10
3 6
,385
,737
2
1,31
5,62
0 2
68,7
65
77,
459
932
,449
2
25,2
76
- -
- 4
2,24
6,40
9
Add
: A
dditi
ons
durin
g th
e ye
ar*
9,2
06,4
87
2,7
04,3
78
33,
299,
254
587
,641
6
0,29
8 4
35,7
35
318
,422
3
75,9
34
140
,549
2
,751
,687
4
9,88
0,38
5
Less
: D
educ
tions
du
ring
the
year
* 4
,228
,976
2
,204
,626
1
,934
,758
8
86
698
2
29,3
64
501
1
74
- 2
59
8,6
00,2
42
Clo
sing
bal
ance
18,
018,
614
6,8
85,4
89
52,
680,
116
855
,520
1
37,0
59
1,1
38,8
20
543
,197
3
75,7
60
140
,549
2
,751
,428
8
3,52
6,55
2
(R
s. ’0
00)
Par
ticu
lars
Link
ed P
ensi
on
Fund
s
Bal
ance
r P
rote
cto
r In
com
eM
axim
iser
Fu
nd G
row
thS
ecur
e P
lus
Pen
sio
n P
rese
rver
In
vest
Shi
eld
P
ensi
on
Flex
i Bal
ance
d
Flex
i Gro
wth
T
ota
l
Ope
ning
bal
ance
3
,963
,669
2
,916
,944
3
,514
,750
4
9,40
4 5
0,21
9 5
2,45
7 -
- 1
0,54
7,44
3
Add
: A
dditi
ons
durin
g th
e ye
ar*
2,5
42,3
14
991
,769
7
,874
,008
2
1,09
4 4
5,36
5 5
6,38
3 5
1,59
0 1
,203
,943
1
2,78
6,46
6
Less
: D
educ
tions
du
ring
the
year
* 9
69,6
41
1,0
01,6
09
532
,216
6
86
18,
669
226
1
9
7 2
,523
,145
Clo
sing
bal
ance
5,5
36,3
42
2,9
07,1
04
10,
856,
542
69,
812
76,
915
108
,614
5
1,58
9 1
,203
,846
2
0,81
0,76
4
(R
s. ’0
00)
Par
ticu
lars
Link
ed G
roup
Fun
ds
Gra
nd T
ota
lB
alan
ced
In
com
eS
hort
-Ter
m
Deb
t C
apit
al
Gua
rant
ee
Sho
rt-T
erm
D
ebt
Cap
ital
G
uara
ntee
B
alan
ced
Fu
nd
Cap
ital
G
uara
ntee
D
ebt
Fun
d
Gro
wth
C
apit
al
Gua
rant
ee
Gro
wth
To
tal
Ope
ning
bal
ance
2
,285
,736
6
2,64
5 7
42,9
34
14,
895
2,0
68
100
1
83,8
99
- 3
,292
,277
5
6,08
6,12
9
Add
: A
dditi
ons
durin
g th
e ye
ar*
1,9
95,9
10
365
,129
1
,383
,519
3
41,7
52
197
,920
2
,460
1
,025
,856
1
3,83
1 5
,326
,377
6
7,99
3,22
8
Less
: D
educ
tions
du
ring
the
year
* 3
45,7
21
18,
821
181
,670
(2
,862
) (2
,060
) (6
) 1
6,43
0 (5
8) 5
57,6
56
11,
681,
043
Clo
sing
bal
ance
3,9
35,9
25
408
,953
1
,944
,783
3
59,5
09
202
,048
2
,566
1
,193
,325
1
3,88
9 8
,060
,998
1
12,3
98,3
14
* A
dditi
ons
repr
esen
ts u
nits
cre
atio
n an
d de
duct
ions
rep
rese
nt u
nit
canc
ella
tions
.
68
Sch
edul
e: F
-2
INV
ES
TM
EN
TS
(Rs.
‘000
)
Par
ticu
lars
Link
ed F
und
s
Bal
ance
r P
rote
cto
r M
axim
iser
C
ash
Plu
s S
ecur
e P
lus
Pre
serv
er
Inve
st
Shi
eld
Lif
e N
ew In
vest
S
hiel
d
Bal
ance
d
Flex
i B
alan
ced
Fl
exi
Gro
wth
T
ota
l
App
rove
d In
vest
men
ts
Gov
ernm
ent
Bon
ds 7
44,8
14
453
,658
3
5 3
4,09
9 6
,772
2
62
17,
718
8,7
34
——
1,2
66,0
92
Cor
pora
te B
onds
3,1
11,1
91
2,0
68,5
60
872
,632
1
67,8
33
30,
140
135
,381
1
10,2
21
45,
163
5,1
01
47,
000
6,5
93,2
22
Infr
astr
uctu
re B
onds
1,7
86,3
28
1,2
51,6
56
— 1
20,6
94
22,
542
— 5
3,81
0 2
0,20
7 9
57
— 3
,256
,194
Equ
ity 6
,756
,823
—
52,
516,
705
— 5
71
— 1
00,9
14
96,
282
32,
504
1,4
11,9
80
60,
915,
779
Mon
ey M
arke
t 7
,079
,272
3
,098
,643
1
,213
,626
4
42,8
53
68,
965
1,0
79,7
19
205
,467
1
52,5
56
40,
739
446
,059
1
3,82
7,89
9
Mut
ual F
unds
–—
——
——
——
——
—
To
tal
19,
478,
428
6,8
72,5
17
54,
602,
998
765
,479
1
28,9
90
1,2
15,3
62
488
,130
3
22,9
42
79,
301
1,9
05,0
39
85,
859,
186
Oth
er In
vest
men
ts
Cor
pora
te B
onds
667
,578
4
73,7
83
430
,000
3
9,10
1 5
,609
2
7,47
7 1
7,03
7 8
,037
9
,582
1
76,0
00
1,8
54,2
04
Infr
astr
uctu
re B
onds
——
——
——
——
——
—
Equ
ity 1
,053
,015
—
7,5
88,3
58
— 1
2 —
29,
417
18,
885
8,3
78
284
,975
8
,983
,040
Mon
ey M
arke
t—
——
——
——
——
——
Mut
ual F
unds
——
404
,143
—
——
——
——
404
,143
To
tal
1,7
20,5
93
473
,783
8
,422
,501
3
9,10
1 5
,621
2
7,47
7 4
6,45
4 2
6,92
2 1
7,96
0 4
60,9
75
11,
241,
387
Gra
nd T
ota
l 2
1,19
9,02
1 7
,346
,300
6
3,02
5,49
9 8
04,5
80
134
,611
1
,242
,839
5
34,5
84
349
,864
9
7,26
1 2
,366
,014
9
7,10
0,57
3
% o
f A
ppro
ved
Inve
stm
ents
to
Tota
l92
%94
%87
%95
%96
%98
%91
%92
%82
%81
%
% o
f O
ther
In
vest
men
ts t
o To
tal
8%6%
13%
5%4%
2%9%
8%18
%19
%
69
Sch
edul
e: F
-2
INV
ES
TM
EN
TS
(C
ont
d.)
(Rs.
‘000
)
Par
ticu
lars
Link
ed P
ensi
on
Fund
s
Bal
ance
r P
rote
cto
r In
com
eM
axim
iser
Fu
nd
Gro
wth
Sec
ure
Plu
s P
ensi
on
Pre
serv
er
Inve
st S
hiel
d
Pen
sio
n Fl
exi
Bal
ance
d
Flex
i Gro
wth
T
ota
l
Ap
pro
ved
Inve
stm
ents
Gov
ernm
ent
Bon
ds 2
34,8
72
202
,707
6
3
,783
1
2 3
,709
—
—
445
,089
Cor
pora
te B
onds
916
,713
8
67,3
39
—
16,
420
5,2
43
22,
481
2,3
99
15,
600
1,8
46,1
95
Infr
astr
uctu
re B
onds
475
,289
5
07,1
52
—
12,
541
—
10,
658
479
—
1
,006
,119
Equ
ity 2
,064
,803
—
1
0,55
5,36
1 —
—
2
2,16
3 1
4,52
4 6
21,2
35
13,
278,
086
Mon
ey M
arke
t 2
,357
,519
1
,327
,950
1
02,0
90
35,
418
76,
673
43,
656
17,
842
190
,188
4
,151
,336
Mut
ual F
unds
——
——
——
——
—
To
tal
6,0
49,1
96
2,9
05,1
48
10,
657,
457
68,
162
81,
928
102
,667
3
5,24
4 8
27,0
23
20,
726,
825
Oth
er In
vest
men
ts
Cor
pora
te B
onds
191
,957
2
09,6
84
267
,500
3
,016
1
,100
3
,106
5
,041
9
6,50
0 7
77,9
04
Infr
astr
uctu
re B
onds
——
——
——
——
—
Equ
ity 3
86,6
80
—
1,8
86,3
64
—
—
4,2
93
2,7
26
126
,090
2
,406
,153
Mon
ey M
arke
t—
——
——
——
— —
Mut
ual F
unds
—
—
—
—
—
—
—
—
—
To
tal
578
,637
2
09,6
84
2,1
53,8
64
3,0
16
1,1
00
7,3
99
7,7
67
222
,590
3
,184
,057
Gra
nd T
ota
l 6
,627
,833
3
,114
,832
1
2,81
1,32
1 7
1,17
8 8
3,02
8 1
10,0
66
43,
011
1,0
49,6
13
23,
910,
882
% o
f A
ppro
ved
Inve
stm
ents
to
Tota
l91
%93
%83
%96
%99
%93
%82
%79
%
% o
f O
ther
Inve
stm
ents
to
Tota
l9%
7%17
%4%
1%7%
18%
21%
70
Sch
edul
e: F
-2
INV
ES
TM
EN
TS
(C
ont
d.)
(Rs.
‘000
)
Par
ticu
lars
Link
ed G
roup
Fun
ds
Gra
nd T
ota
lB
alan
ced
In
com
eS
hort
-Ter
m
Deb
t C
apit
al
Gua
rant
ee
Sho
rt-T
erm
D
ebt
Cap
ital
G
uara
ntee
B
alan
ced
Fu
nd
Cap
ital
G
uara
ntee
D
ebt
Fun
d
Gro
wth
C
apit
al
Gua
rant
ee
Gro
wth
To
tal
Ap
pro
ved
Inve
stm
ents
Gov
ernm
ent
Bon
ds 1
76,0
00
10,
287
103
1
0 6
,668
7
7 1
7,78
9 3
42
211
,276
1
,922
,457
Cor
pora
te B
onds
821
,172
9
9,29
8 1
79,6
05
22,
343
43,
212
434
1
32,1
44
1,6
83
1,2
99,8
91
9,7
39,3
08
Infr
astr
uctu
re B
onds
628
,716
3
7,05
9 8
1,14
5 2
2,06
8 2
8,97
8 2
92
50,
274
127
8
48,6
59
5,1
10,9
72
Equ
ity 6
31,1
38
——
— 3
1,43
7 —
608
,836
4
,651
1
,276
,062
7
5,46
9,92
7
Mon
ey M
arke
t 1
,704
,471
2
48,8
33
1,1
71,4
87
316
,777
8
7,91
7 1
,631
3
69,7
27
6,7
91
3,9
07,6
34
21,
886,
869
Mut
ual F
unds
——
——
——
——
——
To
tal
3,9
61,4
97
395
,477
1
,432
,340
3
61,1
98
198
,212
2
,434
1
,178
,770
1
3,59
4 7
,543
,522
1
14,1
29,5
33
Oth
er In
vest
men
ts
Cor
pora
te B
onds
190
,604
1
6,77
0 4
1,02
9 1
,159
5
,687
4
4 3
5,43
4 —
2
90,7
27
2,9
22,8
35
Infr
astr
uctu
re B
onds
——
——
——
——
——
Equ
ity 9
6,56
0 —
——
4,5
26
— 1
17,4
49
532
2
19,0
67
11,
608,
260
Mon
ey M
arke
t—
——
——
——
——
—
Mut
ual F
unds
——
——
——
——
— 4
04,1
43
To
tal
287
,164
1
6,77
0 4
1,02
9 1
,159
1
0,21
3 4
4 1
52,8
83
532
5
09,7
94
14,
935,
238
Gra
nd T
ota
l 4
,248
,661
4
12,2
47
1,4
73,3
69
362
,357
2
08,4
25
2,4
78
1,3
31,6
53
14,
126
8,0
53,3
16
129
,064
,771
% o
f A
ppro
ved
Inve
stm
ents
to
Tota
l93
%96
%97
%10
0%95
%98
%89
%96
%
% o
f O
ther
Inve
stm
ents
to
Tota
l7%
4%3%
0%5%
2%12
%4%
71
Schedule: F-3
CURRENT ASSETS (Rs. ‘000)
Particulars
Linked Funds
Balancer Protector Maximiser Cash Plus
Secure Plus
Preserver Invest Shield Life
New Invest Shield Balanced
Flexi Balanced
Flexi Growth
Total
Accrued Interest 253,291 168,086 11,305 15,941 2,883 14,342 8,673 3,848 324 2,953 481,646
Cash & Bank Balance 10,692 449 67,257 98 27 17 259 71 19 102 78,991
Dividend Receivable 5,327 – 44,117 – – – 81 94 12 748 50,379
Receivable for Sale of Investments 153,103 23,012 134,476 2,121 375 – 16,734 592 – – 330,413
Unit Collection Account 310,293 81,764 964,905 17,905 2,117 10,018 4,415 20,668 65,371 1,027,625 2,505,081
Other Current Assets (for Investments) 43,234 (376) 203,711 1,651 276 (63) 1,115 703 167 6,004 256,422
Total 775,940 272,935 1,425,771 37,716 5,678 24,314 31,277 25,976 65,893 1,037,432 3,702,932
(Rs. ‘000)
Particulars
Linked Pension Funds
Balancer Protector Income
Maximiser Fund Growth
Secure Plus Pension
Preserver Invest Shield Pension
Flexi Balanced
Flexi Growth Total
Accrued Interest 70,698 67,957 3,221 1,495 857 1,785 153 1,413 147,579
Cash & Bank Balance 4,120 193 12,821 9 44 77 13 47 17,324
Dividend Receivable 1,289 – 7,324 – – 20 5 341 8,979
Receivable for Sale of Investments 27,903 9,298 135,061 192 – 7,424 – – 179,878
Unit Collection Account 81,923 27,472 192,649 1,094 763 596 17,880 423,731 746,108
Other Current Assets (for Investments) 13,490 (160) 41,850 147 4 237 73 2,711 58,352
Total 199,423 104,760 392,926 2,937 1,668 10,139 18,124 428,243 1,158,220
(Rs. ‘000)
Particulars
Linked Group Funds
Grand TotalBalanced Income Short-Term
Debt Capital Guarantee
Short-Term Debt Capital
Guarantee Balanced Fund
Capital Guarantee Debt Fund
Growth Capital Guarantee
Growth
Total
Accrued Interest 83,077 7,022 18,023 3,000 4,089 41 10,310 71 125,633 754,858
Cash & Bank Balance 1,539 24 20 18 74 1 787 19 2,482 98,797
Dividend Receivable 461 – – – 13 – 274 2 750 60,108
Receivable for Sale of Investments 33,067 653 – – 460 7 7,814 23 42,024 552,315
Unit Collection Account 31,733 2,785 534,265 (1,221) 5,345 99 (9,994) 59 563,071 3,814,260
Other Current Assets (for Investments) (8,819) 21 93 18 427 – 2,659 28 (5,573) 309,201
Total 141,058 10,505 552,401 1,815 10,408 148 11,850 202 728,387 5,589,539
72
Schedule: F-4
CURRENT LIABILITIES (Rs. ‘000)
ParticularsLinked Funds
Balancer Protector Maximiser Cash Plus
Secure Plus
Preserver Invest Shield Life
New Invest Shield Balanced
Flexi Balanced
Flexi Growth
Total
Payable for Purchase of Investments 53,512 – 752,274 – – – 3,993 4,991 22,517 646,971 1,484,258
Other Current Liabilities 34,454 8,568 101,955 774 136 856 549 327 24 533 148,176
Unit Payable a/c# – – – – – – – – – – –
Total 87,966 8,568 854,229 774 136 856 4,542 5,318 22,541 647,504 1,632,434
(Rs. ‘000)
Particulars
Linked Pension Funds
Balancer Protector Income
Maximiser Fund Growth
Secure Plus Pension
Preserver Invest Shield Pension
Flexi Balanced
Flexi Growth Total
Payable for Purchase of Investments 9,142 – 126,890 – – 998 9,285 270,695 417,010
Other Current Liabilities 8,273 3,624 17,269 71 51 116 5 176 29,585
Unit Payable a/c# – – – – – – – – –
Total 17,415 3,624 144,159 71 51 1,114 9,290 270,871 446,595
(Rs. ‘000)
Particulars
Linked Group Funds
Grand TotalBalanced Income Short-Term Debt
Capital Guarantee Short-Term Debt
Capital Guarantee Balanced Fund
Capital Guarantee Debt Fund
Growth Capital Guarantee
Growth
Total
Payable for Purchase of Investments – – – – 998 – 42,762 200 43,960 1,945,228
Other Current Liabilities 4,658 356 1,447 171 364 3 1,122 29 8,150 185,911
Unit Payable a/c# – – – – – – – – – –
Total 4,658 356 1,447 171 1,362 3 43,884 229 52,110 2,131,139
# Represents inter fund receivables or payables, if any.
73
FUND BALANCE SHEET as at March 31, 2006 (Rs. ‘000)
Particulars
Linked Funds
Balancer Protector Maximiser Preserver Cash Plus Secure Plus
Invest Shield
Total
SOURCES OF FUNDS
Policyholders’ Funds:
Policy holder contribution 13,041,103 6,385,737 21,315,620 932,449 268,765 77,459 225,276 42,246,409
Revenue Account 2,826,169 411,002 8,367,370 48,967 6,978 2,899 20,744 11,684,129
Total 15,867,272 6,796,739 29,682,990 981,416 275,743 80,358 246,020 53,930,538
APPLICATION OF FUNDS
Investments
Government Securities 855,020 621,775 – – 24,194 7,861 17,709 1,526,559
Equities 6,054,865 – 28,126,177 – – 594 68,928 34,250,564
Debentures & Bonds 3,987,654 3,720,193 460,000 118,972 101,746 33,781 59,719 8,482,065
Certificate of Deposit 473,463 366,553 – 351,279 52,520 12,690 27,823 1,284,328
Commercial Paper 1,275,677 475,888 119,412 203,174 35,055 8,063 24,843 2,142,112
Fixed Deposits 2,604,246 1,382,600 – 310,000 55,100 15,300 41,700 4,408,946
Mutual Fund – – 566,000 – – – – 566,000
Total 15,250,925 6,567,009 29,271,589 983,425 268,615 78,289 240,722 52,660,574
Current Assets
Money at Call – – – – – – – –
Bank Balances-in current account 4,959 2,638 462,488 131 466 106 289 471,077
Income accrued on investment 136,133 122,754 96 6,990 3,154 1,122 1,900 272,149
Dividend Receivable 985 – 4,600 – – – 22 5,607
Unit Collection account 514,485 149,466 1,442,878 40,448 7,105 2,374 5,000 2,161,756
Outstanding Sale Contracts 112,859 95,195 153,202 – 1,562 504 15,031 378,353
Other Assets 4 – 7 – 2 – 1 14
Total 769,425 370,053 2,063,271 47,569 12,289 4,106 22,243 3,288,956
Less: Current Liabilities & Provisions
Outstanding purchase contract 129,213 132,774 1,609,835 48,945 4,894 1,958 16,705 1,944,324
Other current liabilities 23,865 7,549 42,035 633 267 79 240 74,668
Net Current Assets 616,347 229,730 411,401 (2,009) 7,128 2,069 5,298 1,269,964
Total 15,867,272 6,796,739 29,682,990 981,416 275,743 80,358 246,020 53,930,538
74
FUND BALANCE SHEET as at March 31, 2006 (Contd.) (Rs. ‘000)
Particulars
Linked Pension Funds
Balancer Protector Income
Maximiser fund Growth
Secure Plus Pension
Invest Shield Pension
Preserver Total
SOURCES OF FUNDS
Policyholders’ Funds:
Policy holder contribution 3,963,669 2,916,944 3,514,750 49,404 52,457 50,219 10,547,443
Revenue Account 895,176 148,846 1,698,557 1,676 5,517 3,262 2,753,034
Total 4,858,845 3,065,790 5,213,307 51,080 57,974 53,481 13,300,477
APPLICATION OF FUNDS
Investments
Government Securities 258,809 287,657 – 4,665 4,255 – 555,386
Equities 1,858,520 – 5,090,944 – 16,341 – 6,965,805
Debentures & Bonds 1,285,955 1,539,860 97,550 21,578 14,497 3,413 2,962,853
Certificate of Deposit 384,090 321,473 – 10,297 7,321 19,987 743,168
Commercial Paper 239,632 251,441 – 3,238 4,669 13,833 512,813
Fixed Deposits 779,000 634,610 – 9,885 9,965 18,125 1,451,585
Mutual Fund – – 50,000 – – – 50,000
Total 4,806,006 3,035,041 5,238,494 49,663 57,048 55,358 13,241,610
Current Assets
Money at Call – – – – – – –
Bank Balances-in current account 2,884 903 64,523 59 65 70 68,504
Income accrued on investment 41,335 51,596 57 822 525 523 94,858
Divident Receivable 152 – 774 – 5 – 931
Unit Collection account 75,735 42,677 92,353 1,275 867 12 212,919
Outstanding Sale Contracts 29,699 17,458 26,585 289 3,631 – 77,662
Other Assets 2 – (1) – (1) 2 2
Total 149,807 112,634 184,291 2,445 5,092 607 454,876
Less: Current Liabilities & Provisions
Outstanding purchase contract 90,409 78,311 202,012 979 4,109 2,447 378,267
Other current liabilities 6,559 3,574 7,466 49 57 37 17,742
Net Current Assets 52,839 30,749 (25,187) 1,417 926 (1,877) 58,867
Total 4,858,845 3,065,790 5,213,307 51,080 57,974 53,481 13,300,477
75
FUND BALANCE SHEET as at March 31, 2006 (Contd.) (Rs. ‘000)
Particulars
Linked Group Funds
Grand Total
Balanced Income Short- Term Debt
Capital Guarantee
Fund
Growth Capital Guarantee
Balance Fund*
Capital Guarantee
Debt Fund*
Total
SOURCES OF FUNDS
Policyholders’ Funds:
Policy holder contribution 2,285,736 62,645 742,934 14,895 183,899 2,068 100 3,292,277 56,086,129
Revenue Account 210,841 4,321 26,625 737 22,483 151 2 265,160 14,702,323
Total 2,496,577 66,966 769,559 15,632 206,382 2,219 102 3,557,437 70,788,452
APPLICATION OF FUNDS
Investments
Government Securities 170,085 6,490 – – 7,416 60 7 184,058 2,266,003
Equities 435,136 – – – 112,476 435 – 548,047 41,764,416
Debentures & Bonds 818,374 35,798 286,535 8,418 39,161 428 25 1,188,739 12,633,657
Certificate of Deposit 242,371 7,007 105,524 52 20,995 429 20 376,398 2,403,895
Commercial Paper 222,454 5,321 69,353 2,671 9,702 517 26 310,044 2,964,969
Fixed Deposits 407,000 11,960 122,700 2,769 20,500 320 20 565,269 6,425,800
Mutual Fund – – – – 4,000 – – 4,000 620,000
Total 2,295,420 66,576 584,112 13,910 214,250 2,189 98 3,176,555 69,078,740
Current Assets
Money at Call – – – – – – – – –
Bank Balances-in current account 2,396 37 1,281 63 272 13 1 4,063 543,644
Income accrued on investment 25,325 1,202 9,047 276 683 6 1 36,540 403,547
Divident Receivable 40 – – – 20 – – 60 6,598
Unit Collection account 220,842 (1,103) 175,588 1,399 6,142 10 1 402,879 2,777,555
Outstanding Sale Contracts 14,891 1,461 – – 1,031 40 6 17,429 473,444
Other Assets (2) (1) 1 (2) (1) (1) (1) (7) 9
Total 263,492 1,596 185,917 1,736 8,147 68 8 460,964 4,204,797
Less: Current Liabilities & Provisions
Outstanding purchase contract 58,733 1,112 – – 15,697 34 4 75,580 2,398,171
Other current liabilities 3,602 94 470 14 318 4 – 4,502 96,912
Net Current Assets 201,157 390 185,447 1,722 (7,868) 30 4 380,882 1,709,714
Total 2,496,577 66,966 769,559 15,632 206,382 2,219 102 3,557,437 70,788,454
76
3.19
FU
ND
INC
OM
E &
EX
PE
ND
ITU
RE
AC
CO
UN
T F
OR
TH
E Y
EA
R E
ND
ED
MA
RC
H 3
1, 2
007
Form
A-R
A(U
L)
(Rs.
‘000
)
Part
icul
ars
Sche
dule
Link
ed F
unds
Bala
ncer
Pr
otec
tor
Max
imis
er
Cas
h Pl
us
Secu
re P
lus
Pres
erve
r In
vest
Shi
eld
Life
N
ew In
vest
Sh
ield
Ba
lanc
ed
Flex
i Ba
lanc
ed
Flex
i Gro
wth
To
tal
Inco
me
from
inve
stm
ents
Inte
rest
inco
me
729
,101
4
87,3
80
20,
730
29,
944
6,7
51
44,
516
17,
793
4,4
23
146
3
,229
1
,344
,013
Div
iden
d in
com
e 1
06,3
63
–
629
,804
–
9
– 1
,408
4
13
16
943
7
38,9
56
Prof
it/lo
ss o
n sa
le o
f inv
estm
ent
665
,432
(8
,801
) 1
,981
,578
3
,673
4
73
29,
699
10,
888
1,2
64
19
619
2
,684
,844
Prof
it/lo
ss o
n in
ter f
und
tran
sfer
/ sal
e of
inve
stm
ent
8,0
94
450
1
,233
1
10
22
13,
244
– 8
2 –
– 2
3,23
5
Appr
opria
tion
/ Exp
ropr
iatio
n Ad
just
men
t Acc
ount
43,
233
(376
) 2
03,7
04
1,6
51
276
(6
3) 1
,115
7
03
167
6
,004
2
56,4
14
Unr
ealis
ed G
ain/
loss
* 8
7,56
7 2
4,15
2 1
,293
,981
5
72
199
1
3,05
1 1
5,16
6 1
0,27
6 1
63
2,4
67
1,4
47,5
94
Tota
l Inc
ome
(A)
1,6
39,7
90
502
,805
4
,131
,030
3
5,95
0 7
,730
1
00,4
47
46,
370
17,
161
511
1
3,26
2 6
,495
,056
Fund
man
agem
ent c
harg
es
351
,512
9
6,82
0 8
86,0
74
5,7
22
1,2
55
9,0
27
4,5
32
1,5
62
24
533
1
,357
,061
Oth
er c
harg
es:
F-
5 2
46,0
66
91,
809
695
,402
5
1,20
4 6
,280
1
2,91
0 4
4,46
0 2
0,83
7 4
23
8,2
15
1,1
77,6
06
Tota
l Exp
endi
ture
(B)
597
,578
1
88,6
29
1,5
81,4
76
56,
926
7,5
35
21,
937
48,
992
22,
399
447
8
,748
2
,534
,667
Exce
ss o
f Inc
ome
over
Exp
endi
ture
/(Ex
pend
iture
ov
er In
com
e) (A
-B)
1,0
42,2
12
314
,176
2
,549
,554
(2
0,97
6) 1
95
78,
510
(2,6
22)
(5,2
38)
64
4,5
14
3,9
60,3
89
Bala
nce
at th
e be
ginn
ing
of th
e ye
ar 2
,826
,169
4
11,0
02
8,3
67,3
71
6,9
78
2,8
99
48,
967
20,
744
––
– 1
1,68
4,13
0
Bala
nce
at t
he e
nd o
f the
yea
r 3
,868
,381
7
25,1
78
10,
916,
925
(13,
998)
3,0
94
127
,477
1
8,12
2 (5
,238
) 6
4 4
,514
1
5,64
4,51
9
* N
et c
hang
e in
mar
k to
mar
ket v
alue
of i
nves
tmen
ts.
77
3.19
FU
ND
INC
OM
E &
EX
PE
ND
ITU
RE
AC
CO
UN
T F
OR
TH
E Y
EA
R E
ND
ED
MA
RC
H 3
1, 2
007
(Co
ntd
.)
Form
A-R
A(U
L)
(Rs.
‘000
)
Par
ticu
lars
Sche
dule
Link
ed P
ensi
on
Fund
s
Bal
ance
r P
rote
cto
r In
com
eM
axim
iser
Fu
nd G
row
thS
ecur
e P
lus
Pen
sio
n P
rese
rver
In
vest
Shi
eld
P
ensi
on
Flex
i Bal
ance
d
Flex
i Gro
wth
T
ota
l
Inco
me
fro
m in
vest
men
ts
Inte
rest
inco
me
210
,351
2
03,4
82
5,6
69
3,6
96
2,1
63
3,8
72
64
1,5
08
430
,805
Div
iden
d in
com
e 3
1,21
3 –
107
,486
–
– 3
34
7
412
1
39,4
52
Pro
fit/lo
ss o
n sa
le o
f in
vest
men
t 2
26,4
49
(3,5
29)
385
,215
1
43
2,2
23
3,1
63
9
244
6
13,9
17
Pro
fit/lo
ss o
n in
ter
fund
tra
nsfe
r/ s
ale
of in
vest
men
t 1
,787
5
,263
3
,892
1
27
294
7
–
– 1
1,37
0
App
ropr
iatio
n / E
xpro
pria
tion
Adj
ustm
ent
Acc
ount
13,
490
(160
) 4
1,84
8 1
47
4
237
7
3 2
,711
5
8,35
0
Unr
ealis
ed G
ain/
loss
* 2
3,90
7 1
1,36
3 1
78,4
54
174
6
46
1,8
85
184
8
06
217
,419
To
tal I
nco
me
(A)
507
,197
2
16,4
19
722
,564
4
,287
5
,330
9
,498
3
37
5,6
81
1,4
71,3
13
Fund
man
agem
ent
char
ges
88,
339
43,
107
138
,403
6
88
473
9
96
5
176
2
72,1
87
Oth
er c
harg
es:
F-5
40,
535
13,
294
79,
172
1,0
43
389
3
,542
7
6 2
,366
1
40,4
17
To
tal E
xpen
dit
ure
(B)
128
,874
5
6,40
1 2
17,5
75
1,7
31
862
4
,538
8
1 2
,542
4
12,6
04
Exc
ess
of
Inco
me
ove
r E
xpen
dit
ure/
(Exp
end
itur
e o
ver
Inco
me)
(A
-B)
378
,323
1
60,0
18
504
,989
2
,556
4
,468
4
,960
2
56
3,1
39
1,0
58,7
09
Bal
ance
at
the
begi
nnin
g of
the
yea
r 8
95,1
76
148
,846
1
,698
,557
1
,676
3
,262
5
,517
–
– 2
,753
,034
Bal
ance
at
the
end
of
the
year
1,2
73,4
99
308
,864
2
,203
,546
4
,232
7
,730
1
0,47
7 2
56
3,1
39
3,8
11,7
43
* N
et c
hang
e in
mar
k to
mar
ket
valu
e of
inve
stm
ents
.
78
3.19
FU
ND
INC
OM
E &
EX
PE
ND
ITU
RE
AC
CO
UN
T F
OR
TH
E Y
EA
R E
ND
ED
MA
RC
H 3
1, 2
007
(Co
ntd
.)
Form
A-R
A(U
L)
(Rs.
‘000
)
Part
icul
ars
Sche
dule
Link
ed G
roup
Fun
dsG
rand
Tot
al
Bala
nced
In
com
eSh
ort T
erm
D
ebt
Cap
ital G
uara
ntee
Sh
ort T
erm
Deb
t C
apita
l Gua
rant
ee
Bala
nced
Fun
d C
apita
l Gua
rant
ee
Deb
t Fu
ndG
row
th
Cap
ital G
uara
ntee
G
row
th
Tota
l
Inco
me
from
inve
stm
ents
Inte
rest
inco
me
182,
643
9,2
70
38,
644
3,3
37
6,6
10
63
17,
123
132
2
57,8
22
2,0
32,6
40
Div
iden
d in
com
e9,
703
– –
– 3
43
– 5
,422
1
5 1
5,48
3 8
93,8
91
Prof
it/lo
ss o
n sa
le o
f inv
estm
ent
82,3
59
577
8
,243
6
01
3,0
94
7
31,
864
33
126
,778
3
,425
,539
Prof
it/lo
ss o
n in
ter f
und
tran
sfer
/ sal
e of
in
vest
men
t 5
,472
(1
38)
2,6
13
32
301
3
9
49
– 9
,232
4
3,83
7
Appr
opria
tion
/ Exp
ropr
iatio
n Ad
just
men
t Ac
coun
t (8
,818
) 2
1 9
3 1
8 4
27
–
2,6
59
28
(5,5
72)
309
,192
Unr
ealis
ed G
ain/
loss
* 1
7,13
6 1
,328
1
2,47
2 3
74
7,3
60
(2)
34,
791
93
73,
552
1,7
38,5
65
Tota
l Inc
ome
(A)
288
,495
1
1,05
8 6
2,06
5 4
,362
1
8,13
5 7
1 9
2,80
8 3
01
477
,295
8
,443
,664
Fund
man
agem
ent c
harg
es#
50,
200
1,9
36
9,1
50
607
2
,863
1
6 8
,997
9
1 7
3,86
0 1
,703
,108
Oth
er c
harg
es:
F-5
––
––
––
––
– 1
,318
,023
Tota
l Exp
endi
ture
(B)
50,
200
1,9
36
9,1
50
607
2
,863
1
6 8
,997
9
1 7
3,86
0 3
,021
,131
Exce
ss o
f Inc
ome
over
Exp
endi
ture
/
(Exp
endi
ture
ove
r Inc
ome)
(A-B
) 2
38,2
95
9,1
22
52,
915
3,7
55
15,
272
55
83,
811
210
4
03,4
35
5,4
22,5
33
Bala
nce
at th
e be
ginn
ing
of th
e ye
ar 2
10,8
41
4,3
21
26,
625
737
1
51
2
22,
483
– 2
65,1
60
14,
702,
324
Bala
nce
at t
he e
nd o
f the
yea
r 4
49,1
36
13,
443
79,
540
4,4
92
15,
423
57
106
,294
2
10
668
,595
2
0,12
4,85
7
* N
et c
hang
e in
mar
k to
mar
ket v
alue
of i
nves
tmen
ts.
# R
s. 5
7,99
0 th
ousa
nd o
n ac
coun
t of y
ear e
nd a
djus
tmen
t for
fund
man
agem
ent c
harg
es (o
f gro
up b
usin
ess)
reco
vere
d is
not
incl
uded
abo
ve a
nd s
how
n un
der P
olic
yhol
ders
Con
trib
utio
n in
Sch
edul
e F-
1.
BR
EA
K U
P O
F O
TH
ER
EX
PE
NS
ES
UN
DE
R U
LIP
Sch
edul
e: F
- 5
OT
HE
R E
XP
EN
SE
S*
(R
s. ‘0
00)
Par
ticu
lars
Link
ed F
und
s
Bal
ance
r P
rote
cto
r M
axim
iser
C
ash
Plu
s S
ecur
e P
lus
Pre
serv
er
Inve
st
Shi
eld
Lif
e N
ew In
vest
S
hiel
d B
alan
ced
Fl
exi
Bal
ance
d
Flex
i G
row
th
To
tal
Pol
icy
Adm
inis
trat
ion
char
ge 1
4,93
3 3
,106
6
4,05
7 1
9,45
0 3
,076
4
83
19,
528
14,
444
66
1,6
81
140
,824
Sur
rend
er c
harg
e* –
–
–
–
–
–
–
–
–
–
–
Sw
itchi
ng c
harg
e* –
–
–
–
–
–
–
–
–
–
–
Mor
talit
y ch
arge
# 1
98,8
17
77,
155
529
,807
3
1,41
1 3
,204
1
1,71
3 2
2,03
0 6
,393
2
96
5,0
79
885
,905
Rid
er P
rem
ium
cha
rge
# 3
2,31
6 1
1,54
8 1
01,5
38
343
–
7
14
2,9
02
–
61
1,4
55
150
,877
Par
tial w
ithdr
awal
cha
rge
–
–
–
–
–
–
–
–
–
–
–
Mis
cella
neou
s ch
arge
–
–
–
–
–
–
–
–
–
–
–
To
tal
246
,066
9
1,80
9 6
95,4
02
51,
204
6,2
80
12,
910
44,
460
20,
837
423
8
,215
1
,177
,606
* S
urre
nder
& S
witc
h ch
arge
s, a
s no
t av
aila
ble
at f
und
leve
l, ha
ve b
een
show
n un
der
the
sche
dule
(F-1
) for
Pol
icyh
olde
rs’ c
ontr
ibut
ion.
# G
ross
of
Ser
vice
Tax
.
79
BR
EA
K U
P O
F O
TH
ER
EX
PE
NS
ES
UN
DE
R U
LIP
Sch
edul
e: F
- 5
OT
HE
R E
XP
EN
SE
S*
(C
ont
d.)
(Rs.
‘000
)
Par
ticu
lars
Link
ed P
ensi
on
Fund
sB
alan
cer
Pro
tect
or
Inco
me
Max
imis
er
Fund
Gro
wth
Sec
ure
Plu
s P
ensi
on
Pre
serv
er
Inve
st S
hiel
d
Pen
sio
n Fl
exi B
alan
ced
Fl
exi G
row
th
To
tal
Pol
icy
Adm
inis
trat
ion
char
ge 2
7,08
8 4
,435
5
6,49
9 7
16
219
2
,441
6
1 1
,945
9
3,40
4
Sur
rend
er c
harg
e* –
–
–
–
–
–
–
–
–
Sw
itchi
ng c
harg
e* –
–
–
–
–
–
–
–
–
Mor
talit
y ch
arge
# 1
1,21
0 7
,298
1
8,65
9 3
27
145
9
45
13
364
3
8,96
1
Rid
er P
rem
ium
cha
rge
# 2
,237
1
,561
4
,014
–
2
5 1
56
2
57
8,0
52
Par
tial w
ithdr
awal
cha
rge
–
–
–
–
–
–
–
–
–
Mis
cella
neou
s ch
arge
–
–
–
–
–
–
–
–
-
To
tal
40,
535
13,
294
79,
172
1,0
43
389
3
,542
7
6 2
,366
1
40,4
17
(Rs.
‘000
)
Par
ticu
lars
Link
ed G
roup
Fun
ds
Bal
ance
d
Inco
me
Sho
rt-T
erm
D
ebt
Cap
ital
G
uara
ntee
S
hort
-Ter
m
Deb
t
Cap
ital
G
uara
ntee
B
alan
ced
Fu
nd
Cap
ital
G
uara
ntee
D
ebt
Fund
Gro
wth
Cap
ital
G
uara
ntee
G
row
th
To
tal
Gra
nd T
ota
l
Pol
icy
Adm
inis
trat
ion
char
ge –
–
–
–
–
–
–
–
–
23
4,22
8
Sur
rend
er c
harg
e* –
–
–
–
–
–
–
–
–
–
Sw
itchi
ng c
harg
e* –
–
–
–
–
–
–
–
–
–
Mor
talit
y ch
arge
#–
––
–
–
––
–
–
924,
866
Rid
er P
rem
ium
cha
rge
#–
––
–
–
–
–
–
–
158,
929
Par
tial w
ithdr
awal
cha
rge
–
–
–
–
–
–
–
–
–
–
Mis
cella
neou
s ch
arge
–
–
–
–
–
–
–
–
–
–
To
tal
––
––
––
–
–
–
1,31
8,02
3
* S
urre
nder
& S
witc
h ch
arge
s, a
s no
t av
aila
ble
at f
und
leve
l, ha
ve b
een
show
n un
der
the
sche
dule
(F-1
) for
Pol
icyh
olde
rs’ c
ontr
ibut
ion
# G
ross
of
Ser
vice
Tax
80
FUND INCOME & EXPENDITURE ACCOUNT FOR THE YEAR ENDED March 31, 2006 (Rs. ‘000)
Particulars Linked Funds
Balancer Protector Maximiser Preserver Cash Plus Secure Plus
Invest Shield
Total
Income from InvestmentsInterest income 379,362 392,296 12,239 24,078 7,273 2,808 3,744 821,800
Dividend income 55,939 – 153,684 – – 7 220 209,850
Profit/loss on sale of Investment 364,582 (30,188) 855,070 17,815 480 230 5,627 1,213,616
Unrealised Gain/loss 1,808,804 (72,338) 6,781,343 8,046 (240) (108) 12,429 8,537,936
Miscellaneous Income 90 90 1 – – – – 181
Total Income (A) 2,608,777 289,860 7,802,337 49,939 7,513 2,937 22,020 10,783,383
Fund management charges 193,826 83,516 244,071 5,867 1,748 630 1,245 530,903
Total Expenditure (B) 193,826 83,516 244,071 5,867 1,748 630 1,245 530,903
Excess of Income over Expenditure/(Expenditure over Income) (A-B) 2,414,951 206,344 7,558,266 44,072 5,765 2,307 20,775 10,252,480
Balance at the beginning of the year 411,218 204,658 809,104 4,895 1,213 592 (31) 1,431,649
Balance at the end of the year 2,826,169 411,002 8,367,370 48,967 6,978 2,899 20,744 11,684,129
(Rs. ‘000)
Particulars Linked Pension Funds
Balancer Protector Income
Maximiser fund-Growth
Secure Plus - Pension
Invest Shield- Pension
Preserver Total
Income from Investments
Interest income 120,823 167,579 2,251 2,021 1,018 1,514 295,206
Dividend income 18,160 – 33,667 – 84 – 51,911
Profit/loss on sale of Investment 125,545 (16,835) 202,959 (23) 1,501 1,142 314,289
Unrealised Gain/loss 551,621 (27,431) 1,319,927 (248) 3,270 546 1,847,685
Miscellaneous Income 36 36 – – – – 72
Total Income (A) 816,185 123,349 1,558,804 1,750 5,873 3,202 2,509,163
Fund management charges 57,254 38,221 49,175 426 326 377 145,779
Total Expenditure (B) 57,254 38,221 49,175 426 326 377 145,779
Excess of Income over Expenditure/(Expenditure over Income) (A-B) 758,931 85,128 1,509,629 1,324 5,547 2,825 2,363,384
Balance at the beginning of the year 136,245 63,718 188,928 352 (30) 437 389,650
Balance at the end of the year 895,176 148,846 1,698,557 1,676 5,517 3,262 2,753,034
(Rs. ‘000)
Particulars
Linked Group Funds
Grand Total Balanced Income Short
Term Debt
Capital Guarantee
Fund
Growth Capital Guarantee
Balance Fund *
Capital Guarantee
Debt Fund *
Total
Income from Investments
Interest income 65,156 5,251 31,334 597 1,022 24 1 103,385 1,220,391
Dividend income 3,368 – – – 209 1 – 3,578 265,339
Profit/loss on sale of Investment 27,739 (479) 2,753 202 1,196 31 1 31,443 1,559,348
Unrealised Gain/loss 113,016 (400) (4,844) (137) 20,175 116 1 127,927 10,513,548
Miscellaneous Income 18 – – – – – – 18 271
Total Income (A) 209,297 4,372 29,243 662 22,602 172 3 266,351 13,558,897
Fund management charges 25,807 1,251 5,478 142 1,059 21 1 33,759 710,441
Total Expenditure (B) 25,807 1,251 5,478 142 1,059 21 1 33,759 710,441 Excess of Income over Expenditure/(Expenditure over Income) (A-B)
183,490 3,121 23,765 520 21,543 151 2 232,592 12,848,456
Balance at the beginning of the year 27,351 1,200 2,860 217 940 – – 32,568 1,853,867
Balance at the end of the year 210,841 4,321 26,625 737 22,483 151 2 265,160 14,702,323
*These schemes have been launched during the year - Hence previous year figures are Nil.
81
3.20
A
sset
s he
ld t
o c
ove
r P
olic
yho
lder
s’ L
iab
ility
Th
e P
olic
yhol
ders
’ lia
bilit
ies
incl
udin
g lin
ked
fund
agg
rega
ting
Rs.
148
,418
,907
tho
usan
d as
at
Mar
ch 3
1, 2
007
are
adeq
uate
ly b
acke
d by
ass
ets
as a
t M
arch
31,
200
7 as
sho
wn
belo
w:
(R
s.’0
00)
Des
crip
tion
Par L
ifePa
r Pen
sion
Non
-Par
Ann
uitie
s N
on-P
arH
ealth
Link
ed L
ife
Non
Uni
tLi
nked
Life
Uni
tLi
nked
Pen
sion
N
on U
nit
Link
ed P
ensi
on
Uni
tLi
nked
Gro
up
Non
Uni
tLi
nked
Gro
up
Uni
tTo
tal
Polic
yhol
ders
’ Lia
bilit
ies
as p
erBa
lanc
e Sh
eet (
A)
9,84
5,75
22,
946,
840
2,09
5,47
32,
204,
191
95,0
3040
3,73
397
,821
,184
42,4
1024
,211
,957
22,7
448,
729,
593
148,
418,
907
Ass
ets
held
to c
over
Pol
icyh
olde
rs’
Liab
ilitie
s
Inve
stm
ents
(As
per S
ched
ule-
8A &
8B)
10,9
82,1
803,
477,
973
2,49
6,62
32,
175,
638
194,
950
3,20
2,91
097
,100
,573
836,
071
23,9
10,8
8254
,738
8,05
3,31
615
2,48
5,85
4
Fair
Valu
e Ch
ange
Acc
ount
(748
,302
)(2
71,1
14)
—4,
420
——
——
——
(1,0
14,9
96)
Reva
luat
ion
Rese
rve
(158
,497
)(1
57,8
22)
——
——
——
——
—(3
16,3
19)
Net
Inve
stm
ents
10,0
75,3
813,
049,
037
2,49
6,62
32,
180,
058
194,
950
3,20
2,91
097
,100
,573
836,
071
23,9
10,8
8254
,738
8,05
3,31
615
1,15
4,53
9
Curr
ent A
sset
s an
d Lo
ans
(As
per N
ote
3.17
& 3
.18)
377,
587
89,4
7216
9,79
841
,707
40,5
591,
550,
897
3,70
2,93
224
9,32
71,
158,
220
18,1
4772
8,38
78,
127,
033
Less
: Cur
rent
Lia
bilit
ies
(As
per N
ote
3.17
& 3
.18)
(335
,215
)(6
8,26
5)(2
32,2
06)
(17,
574)
(140
,479
)(4
,350
,074
)(1
,632
,434
)(1
,042
,988
)(4
46,5
95)
(50,
141)
(52,
110)
(8,3
68,0
81)
Tota
l Exp
endi
ture
(B)
10,1
17,7
533,
070,
244
2,43
4,21
52,
204,
191
95,0
3040
3,73
399
,171
,071
42,4
1024
,622
,507
22,7
448,
729,
593
150,
913,
491
The
Polic
yhol
ders
’ lia
bilit
ies
incl
udin
g lin
ked
fund
agg
rega
ting
Rs. 8
1,22
1,05
4 th
ousa
nd a
s at
Mar
ch 3
1, 2
006
are
adeq
uate
ly b
acke
d by
ass
ets
as a
t Mar
ch 3
1, 2
006
as s
how
n be
low
:
(Rs.
’000
)
Des
crip
tion
Par L
ifePa
r Pen
sion
Non
-Par
Ann
uitie
s N
on-P
arH
ealth
Link
ed L
ife
Non
Uni
tLi
nked
Life
Uni
tLi
nked
Pen
sion
N
on U
nit
Link
ed P
ensi
on
Uni
tLi
nked
Gro
up
Non
Uni
tLi
nked
Gro
up
Uni
tTo
tal
Polic
yhol
ders
’ Lia
bilit
ies
as p
erBa
lanc
e Sh
eet (
A)
6,97
6,01
92,
307,
727
1,53
9,82
258
,269
465
270,
312
53,3
17,8
7354
,277
13,1
20,9
7917
,875
3,55
7,43
681
,221
,054
Ass
ets
held
to c
over
Pol
icyh
olde
rs’
Liab
ilitie
s
Inve
stm
ents
(As
per S
ched
ule-
8A &
8B)
7,95
4,03
32,
757,
447
1,49
2,33
855
,822
471
205,
800
52,6
60,5
7435
,584
13,2
41,6
1113
,055
3,17
6,55
481
,593
,289
Fair
Valu
e Ch
ange
Acc
ount
(919
,108
)(3
27,5
88)
——
——
——
——
—
(1,2
46,6
96)
Net
Inve
stm
ents
7,03
4,92
52,
429,
859
1,49
2,33
855
,822
471
205,
800
52,6
60,5
7435
,584
13,2
41,6
1113
,055
3,17
6,55
480
,346
,593
Curr
ent A
sset
s an
d Lo
ans
(As
per N
ote
3.17
& 3
.18)
205,
144
75,8
7452
,833
2,44
720
81,2
273,
288,
957
18,5
2945
4,87
54,
971
460,
964
4,64
6,14
1
Less
: Cur
rent
Lia
bilit
ies
(As
per N
ote
3.17
& 3
.18)
(78,
210)
(41,
580)
(5,3
49)
—(2
6)(1
6,71
5)(2
,018
,991
)(1
36)
(396
,008
)(1
51)
(80,
082)
(2,6
37,2
48)
Tota
l Exp
endi
ture
(B)
7,16
1,85
92,
464,
153
1,53
9,82
258
,269
465
270,
312
53,9
30,5
4054
,277
13,3
00,4
7817
,875
3,55
7,43
682
,355
,486
82
3.21 Employee benefits
Provision for staff benefits as per revised AS 15:
(a) Defined Contribution Plans:
The amount recognised as an expense during the year is Rs. 128,275 thousand.
(b) Defined Benefit Plans:(Rs. ‘000)
Particulars Amounts
Change in Defined Benefit Obligation:
Opening obligations as at April 1, 2006 39,278
Service cost 13,615
Interest cost 2,499
Actuarial (gain)/loss 9,730
Benefits paid (2,746)
Present value of the defined benefit obligations at March 31, 2007 (A) 62,376
Change in Plan Asset:
Opening plan assets, at fair value as at April 1, 2006 39,822
Expected return on plan assets 2,906
Actuarial gain/(loss) 4,071
Contributions –
Benefits paid (2,746)
Fair value of plan assets at March 31, 2007 (B) 44,053
Cost for the year ended March 31, 2007:
Service cost 13,071
Interest cost 2,499
Expected return on plan assets (2,906)
Actuarial (gain)/loss 5,659
Total net cost recognised as employee remuneration 18,323
Reconciliation of Benefit Obligations & Planned Assets for the period:
Present value of the defined benefit obligations at March 31, 2007 (A) 62,376
Fair value of plan assets at March 31, 2007 (B) 44,053
Net asset/(liability) as at March 31, 2007 recognised in Balance Sheet (18,323)
Investment details of plan assets:
The plan assets are invested in insurer managed funds.
Assumptions:
Discount rate 7.85%
Salary escalation rate 7.00%
Estimated rate of return on plan assets 7.50%
83
3.22 Employee Stock Option Scheme (“ESOS”)
There are presently three ESOS schemes in force by name Founder (2003-04), 2004-05 and 2005-06, salient
features of which are as stated below:
Founder 2003-04 2004-05 2005-06
Date of allotment March 28, 2005 April 25, 2005 April 26, 2006
No. of options granted 2,665,500 3,742,400 4,633,250
Graded Vesting Period
1st Year 50% of options granted 25% of options granted 25% of options granted
2nd Year 25% of options granted 25% of options granted 25% of options granted
3rd Year 25% of options granted 25% of options granted 25% of options granted
4th Year — 25% of options granted 25% of options granted
Maximum term of options granted
Later of the tenth anniversary of the date of grant of options or the fifth anniversary of the date of vesting of options
Mode of settlement Equity
Exercise price of options is subject to dilution formula and it depends on the capital base of the Company as
at the date of exercise of the options. Exercise price of all the options outstanding as at March 31, 2007 for
Founder (2003-04) scheme, 2004-2005 scheme and 2005-06 scheme is Rs. 30, Rs. 42 & Rs. 70 respectively.
A summary of status of Company’s Employee Stock Option Scheme in terms of options granted, forfeited
and exercised is given below:
Particulars March 31, 2007 March 31, 2006
Outstanding at the beginning of the year 5,572,600 2,665,500
Add: Granted during the year 4,667,750 3,707,900
Less: Forfeited/lapsed during the year 564,850 800,800
Exercised during the year 2,395,536 —
Outstanding at the end of the year 7,279,964 5,572,600
Exercisable at the end of the period 93,164 1,143,750
The company had computed the fair value of its options and has recognised a compensation cost of
Rs. 52,363 thousand in the previous year.
During the year the company has recognised a compensation cost of Rs. 5,584 thousand as the intrinsic value
of the options. Had the company followed the fair value method for valuing its options for the year, the charge
to the revenue and profit & loss account would have been higher by Rs. 60,963 thousand and Profit / (loss)
after tax would have been (Rs. 6,550,035) thousand. Consequently Company’s basic and diluted earnings per
share would have been (Rs. 5.32) and (Rs. 5.30) respectively. The Key assumptions used to estimate fair value
of options are:
Risk-free interest rate 6.87%
Expected life 5 Years
Expected Volatility 28.65%
Expected dividend yield 1.50%
3.23 The amount of exchange differences (net):
Charged to the revenue and profit & loss account is Rs. 58 thousand (Previous year: Rs. 50 thousand)
84
3.24 Earnings per equity share:
(Rs. ‘000)
Particulars March 31, 2007 March 31, 2006
I Net profit/(loss) as per profit and loss account available forequity shareholders for both basic and diluted earningsper equity share of Rs. 10 each (6,489,072) (1,878,789)
II
Weighted average number of equity shares for earningsper equity share
(a) For basic earnings per equity share 1,230,145,205 1,032,750,000
(b) For diluted earnings per equity shareNumber of equity shares for basic earnings per equityshare as per (ii) (a) 1,230,145,205 1,032,750,000
Add: Weighted average outstanding employee stockoptions deemed to be issued for no consideration 5,573,949 2,511,498
Weighted number of equity shares for dilutedearnings per equity share 1,235,719,154 1,035,261,498
III Earnings per equity share
Basic (in Rupees) (5.28) (1.82)
Diluted (in Rupees) (5.25) (1.81)
3.25 Funds for Future Appropriations - Linked
Pursuant to IRDA’s notification dated March 29, 2006, the Appointed Actuary has determined an amount of
Rs. 968,271 thousand (Previous year: Rs. 792,166 thousand) as release of actuarial reserves on policies which
have lapsed earlier.
The Company had in the previous year appropriated Rs. 792,166 thousand from the Shareholders’ account as
Funds for Future Appropriation (FFA). Based on the requirements of IRDA during the year, the Company has
appropriated Rs. 968,271 thousand as FFA from the Revenue Account.
In case the Company followed the policy of appropriating FFA from Profit and Loss Account, the loss for the
year would have been lower by Rs. 968,271 thousand. However, neither the carrying value of FFA nor the
debit balance in Profit and Loss account in the Balance Sheet is impacted by this change.
The cumulative balance of Rs. 1,760,437 thousand under FFA as at March 31, 2007 is not available for
distribution to shareholders.
85
3.26 DISCLOSURES FOR ULIP BUSINESS for the year ended March 31, 20071. Performance of the Fund (Absolute Growth %):
Fund NameYear of
Inception
YearSince
inception (%)
Current Year (X) (%)
(X – 1) (%)
(X – 2 ) (%)
Balancer Fund 2002 6.66 23.83 6.67 132.20Protector Fund 2002 5.60 3.24 0.01 49.60Maximiser Fund 2001 7.55 68.15 17.02 338.90Preserver Fund 2004 7.41 5.58 4.32* 18.30Balancer Fund II 2004 8.00 25.41 10.60* 49.80Protector Fund II 2004 6.40 4.05 0.56* 11.33Maximiser Fund II 2004 8.47 69.22 29.00* 136.80Balancer Fund III 2006 6.10 1.60* NA 7.80Protector Fund III 2006 5.26 0.26* NA 5.53Maximiser Fund III 2006 6.61 4.40* NA 11.30Preserver Fund III 2006 6.92 0.24* NA 7.18Pension Balancer Fund 2002 7.61 24.36 6.78 119.20Pension Protector Fund 2002 5.68 3.25 0.15 34.30Pension Maximiser Fund 2002 9.37 68.47 16.89 342.40Pension Preserver Fund 2004 7.31 5.60 3.86* 17.68Pension Balancer Fund II 2004 8.97 25.87 NA 54.30Pension Protector Fund II 2004 6.40 4.01 NA 11.35Pension Maximiser Fund II 2004 9.73 69.54 NA 148.00Group Balanced Fund 2003 6.66 13.46 3.59 53.70Group Debt Fund 2003 6.37 3.61 1.43 22.63Group Growth Fund 2003 12.95 38.62 15.02 95.40Group Short-Term Debt Fund 2003 6.89 4.45 3.74 22.43Group Capital Guarantee Balanced Fund 2005 6.44 7.10* NA 14.00Group Capital Guarantee Debt Fund 2005 6.24 1.87* NA 8.23Group Capital Guarantee Growth Fund 2006 2.90* NA NA 2.90Group Capital Guarantee Short Term Debt Fund II 2007 0.47* NA NA 0.47Group Capital Guarantee Balanced Fund II 2007 1.00* NA NA 1.00Group Capital Guarantee Debt Fund II 2007 0.33* NA NA 0.33Group Capital Guarantee Short Term Debt Fund 2004 6.75 4.43 3.43 16.47Invest Shield Cash Fund 2005 6.53 4.19 0.85* 11.94Invest Shield Life Fund 2005 11.32 18.40 0.00 31.80Invest Shield Pension Fund 2005 10.72 19.52 -0.10* 32.20New Invest Shield Balanced Fund 2006 9.60* NA NA 9.60Cash Plus Fund 2003 6.53 4.35 2.11 17.12Secure Plus Fund 2003 6.32 4.67 1.66 16.00Secure Plus Pension Fund 2003 6.47 3.93 1.08 13.56Flexi Growth Fund 2007 1.10* NA NA 1.10Flexi Growth Fund II 2007 1.30* NA NA 1.30Flexi Growth Fund III 2007 1.20* NA NA 1.20Pension Flexi Growth Fund 2007 2.20* NA NA 2.20Pension Flexi Growth Fund II 2007 0.90* NA NA 0.90Flexi Balanced Fund 2007 1.00* NA NA 1.00Flexi Balanced Fund II 2007 1.20* NA NA 1.20Flexi Balanced Fund III 2007 0.80* NA NA 0.80Pension Flexi Balanced Fund 2007 2.70* NA NA 2.70Pension Flexi Balanced Fund II 2007 1.30* NA NA 1.30
Note: (i) NA - refers to schemes not existing during the relevant period. (ii) *denotes scheme/plan launched during the period.
2. Investment Management:(Rs. ‘000)
Activities outsourced Basis of payment of fees Payment for 2006-07
Portfolio Accounting Services to Deutsche Bank Assets held upto Rs. 15,000 crores 0.0355 % per annum
37,553 Above Rs. 15,000 crores 0.025 % per annum
3. Related party transactions:(i) Brokerage, custodial fee or any other payments and receipts made to/from related parties (as defined in AS 18 issued by ICAI):
(a) Brokerage: (Rs. ‘000)
Fund Name Broker Name Brokerage Deal Value
Group Capital Guarantee Balanced Fund ICICI Brokerage Services Limited 32 9,870Group Balanced Fund ICICI Brokerage Services Limited 326 101,452 Group Growth Fund ICICI Brokerage Services Limited 212 66,413Invest Shield Life Fund ICICI Brokerage Services Limited 50 15,413 Balancer Fund ICICI Brokerage Services Limited 3,131 970,394 Maximiser Fund ICICI Brokerage Services Limited 28,181 8,795,001New Invest Shield Balanced Fund ICICI Brokerage Services Limited 32 9,838 Invest Shield Pension Fund ICICI Brokerage Services Limited 6 1,938Pension Balancer Fund ICICI Brokerage Services Limited 956 296,807Pension Maximiser Fund ICICI Brokerage Services Limited 4,340 1,351,064Flexi Balanced Fund ICICI Brokerage Services Limited 23 7,111Flexi Growth Fund ICICI Brokerage Services Limited 1,024 317,447Group Capital Guarantee Growth Fund ICICI Brokerage Services Limited 2 675 Pension Flexi Balanced Fund ICICI Brokerage Services Limited 8 2,429Pension Flexi Growth Fund ICICI Brokerage Services Limited 454 140,758
Total 38,776 12,086,610
86
(b) Purchases: (Rs. ‘000)
Fund Name ICICI Bank Ltd. ICICI Lombard
General Insurance Co. Ltd.
ICICI Securities Primary Dealership
Ltd. Total
Group Capital Guarantee Balanced Fund 23,000 — 8,716 31,716
Group Capital Guarantee Debt Fund 85 — 79 164
Group Capital Guarantee Growth Fund 250 — 51 301
Group Balanced Fund 320,400 — 359,393 679,793
Group Debt Fund 17,960 — 17,151 35,111
Group Short Term Debt Fund 72,760 81,069 54,424 208,253
Group Growth Fund 53,170 — 37,335 90,505
Invest Shield Life Fund 35,300 — 19,234 54,534
Balancer Fund 2,241,000 65,287 1,223,665 3,529,953
Protector Fund 768,675 35,016 637,006 1,440,697
Maximiser Fund — — 468,634 468,634
Group Capital Guarantee Short-Term Debt Fund 6,200 — 2,971 9,171
Preserver Fund 112,300 — 79,216 191,516
Cash Plus Fund 63,190 — 44,605 107,795
New Invest Shield Balanced Fund 10,370 — 8,480 18,850
Invest Shield Pension Fund 8,320 — 6,050 14,370
Pension Balancer Fund 399,720 20,009 300,005 719,734
Pension Protector Fund 297,000 — 224,048 521,048
Pension Preserver Fund 4,200 — 2,971 7,171
Secure Plus Fund 11,600 — 7,423 19,023
Secure Plus Pension Fund 6,900 — 3,913 10,813
Total 4,452,400 201,381,260 3,505,368 8,159,149
(c) Sales: (Rs. ‘000)
Fund Name ICICI Bank Ltd. ICICI Lombard
General Insurance Co. Ltd.
ICICI Securities Primary Dealership
Ltd. Total
Group Capital Guarantee Balanced Fund 1,750 594 4,342 6,686 Group Capital Guarantee Debt Fund 11 6 46 63 Group Capital Guarantee Growth Fund — 11 — 11 Group Balanced Fund 52,295 13,962 144,758 211,015 Group Debt Fund 1,741 829 7,045 9,615 Group Short-Term Debt Fund — — 90,656 90,656 Group Growth Fund 4,708 1,943 20,057 26,708 Invest Shield Life Fund 4,696 1,527 16,264 22,486 Balancer Fund 151,034 244,414 970,023 1,365,471 Protector Fund 127,017 139,676 342,634 609,327 Maximiser Fund — — 105,284 105,284 Group Capital Guarantee Short-Term Debt Fund — 2,988 — 2,988 Preserver Fund — 92,641 — 92,641 Cash Plus Fund 8,164 2,312 23,812 34,288 New Invest Shield Balanced Fund 1,027 805 7,331 9,163 Invest Shield Pension Fund 985 327 3,243 4,555 Pension Balancer Fund 56,782 23,848 181,802 262,432 Pension Protector Fund 54,388 20,624 150,772 225,784 Pension Maximiser Fund — — 18,186 18,186 Pension Preserver Fund — 3,985 — 3,985 Secure Plus Fund 1,841 453 5,829 8,123 Secure Plus Pension Fund 990 229 3,394 4,613
Total 467,429 551,172 2,095,479 3,114,080
(d) Reverse Repo: (Rs. ‘000)
Fund Name ICICI Bank Ltd. ICICI Securities Primary
Dealership Ltd. Total
Group Capital Guarantee Balanced Fund 7,735 36,214 43,950 Group Capital Guarantee Debt Fund 585 1,723 2,308 Group Capital Guarantee Growth Fund 3,758 12,500 16,258Group Balanced Fund 34,296 337,960 372,256 Group Debt Fund 10,494 63,489 73,983 Group Short-Term Debt Fund 4,511 42,976 47,488 Group Growth Fund 14,776 74,056 88,832 Invest Shield Life Fund 8,423 32,782 41,205 Balancer Fund 89,140 867,472 956,611 Protector Fund 70,004 354,656 424,660 Maximiser Fund 400,233 1,832,023 2,232,255 Group Capital Guarantee Short-Term Debt Fund 3,766 27,470 31,235 Preserver Fund — 889 889 Cash Plus Fund 11,354 43,343 54,697 New Invest Shield Balanced Fund 10,380 37,079 47,458Invest Shield Pension Fund 1,093 1,716 2,810 Pension Balancer Fund 73,526 426,325 499,851 Pension Protector Fund 11,577 119,495 131,073 Pension Maximiser Fund — 387,492 387,492 Pension Preserver Fund 3,653 3,258 6,910 Secure Plus Fund 1,589 4,476 6,065 Secure Plus Pension Fund 810 1,745 2,555
Total 761,704 4,709,139 5,470,843
87
(e) Interest Income: (Rs. ‘000)
Fund Name ICICI Bank Ltd.ICICI Securities Primary
Dealership Ltd.Total
Group Capital Guarantee Balanced Fund 779 13 792 Group Capital Guarantee Debt Fund 4 1 5 Group Capital Guarantee Short-Term Debt Fund 367 10 377 Group Capital Guarantee Growth Fund 5 4 9 Group Balanced Fund 11,319 843 12,162 Group Debt Fund 611 30 641 Group Short-Term Debt Fund 3,138 11 3,149 Group Growth Fund 1,832 30 1,862 Invest Shield Life Fund 1,665 15 1,680 Balancer Fund 52,044 3,918 55,962 Protector Fund 36,275 3,744 40,018 Maximiser Fund 1,119 804 1,923 Preserver Fund 8,687 — 8,688 New Invest Shield Balanced Fund 288 12 300 Invest Shield Pension Fund 312 — 313 Pension Balancer Fund 21,714 1,590 23,305 Pension Protector Fund 16,388 1,489 17,876 Pension Maximiser Fund — 100 100 Pension Preserver Fund 404 1 404 Cash Plus Fund 2,773 18 2,791 Secure Plus Fund 528 1 529 Secure Plus Pension Fund 275 0 275
Total 160,528 12,635 173,162
(f) Accrued Interest: (Rs. ‘000)
Fund Name ICICI Bank Ltd. ICICI Securities Primary Dealership Ltd. Total
Group Capital Guarantee Balanced Fund 612 — 612Group Capital Guarantee Debt Fund 2 — 2 Group Capital Guarantee Short-Term Debt Fund 358 — 358 Group Capital Guarantee Growth Fund 1 — 1 Group Balanced Fund 2,970 222 3,192 Group Debt Fund 300 — 300 Group Short-Term Debt Fund 2,308 — 2,308 Group Growth Fund 1,233 — 1,233 Invest Shield Life Fund 371 — 371 Balancer Fund 12,857 1,112 13,969 Protector Fund 6,956 1,112 8,068 Preserver Fund 3,009 — 3,009 New Invest Shield Balanced Fund 269 — 269 Invest Shield Pension Fund 99 — 99 Pension Balancer Fund 3,343 445 3,788 Pension Protector Fund 1,283 445 1,728 Pension Preserver Fund 65 — 65 Cash Plus Fund 607 — 607 Secure Plus Fund 94 — 94 Secure Plus Pension Fund 58 — 58
Total 36,793 3,337 40,130
(ii) Company-wise details of investments held in the Promoter Group: (Rs. ‘000)
Fund Name ICICI Bank Ltd.* % to NAVICICI
Securities% to NAV Total
Flexi Balanced Fund 953 0.68% — — 953Group Capital Guarantee Balanced Fund 18,099 8.32% — — 18,099Group Capital Guarantee Debt Fund 151 5.75% — — 151Group Capital Guarantee Short-Term Debt Fund 36,700 10.08% — — 36,700Group Capital Guarantee Growth Fund 341 2.42% — — 341Group Balanced Fund 232,353 5.30% 9,778 0.22% 242,132Group Debt Fund 29,460 6.97% — — 29,460Group Short-Term Debt Fund 117,668 5.81% — — 117,668Group Growth Fund 68,366 5.26% — — 68,366Invest Shield Life Fund 31,316 5.58% — — 31,316Balancer Fund 1,256,895 5.74% 48,892 0.22% 1,305,787Protector Fund 673,699 8.85% 48,892 0.64% 722,591Maximiser Fund 108,952 0.17% — — 108,952Preserver Fund 92,300 7.29% — — 92,300New Invest Shield Balanced Fund 14,014 3.78% — — 14,014Pension Flexi Balanced Fund 499 0.96% — — 499Invest Shield Pension Fund 6,492 5.45% — — 6,492Pension Balancer Fund 406,597 5.97% 19,557 0.29% 426,154Pension Protector Fund 261,684 8.14% 19,557 0.61% 281,241Pension Preserver Fund 4,200 4.96% — — 4,200Cash Plus Fund 55,350 6.58% — — 55,350Secure Plus Fund 8,582 6.12% — — 8,582Secure Plus Pension Fund 5,391 7.28% — — 5,391
Total Market Value 3,430,063 146,675 3,576,738
% to Total Funds under Management in ULIP 2.59% 0.11% 2.70%
* ICICI Bank Limited investments consist of fixed deposits, NCD and certificate of deposits.
4. Unclaimed redemptions of units: (Rs. ‘000)
Scheme Name Units Value*
Balancer 655 14,359
Protector 326 4,382 Maximiser 193 8,544 Flexi Growth 16 163 Preserver 1 11
* at NAV as of March 31, 2007
88
5. Net Asset Value (NAV): Highest, Lowest and Closing during the year:
Scheme Name Highest Lowest Closing
Balancer Fund 24.07 19.86 23.22Protector Fund 14.96 14.18 14.96Maximiser Fund 48.86 31.19 43.89Preserver Fund 11.83 11.02 11.83Balancer Fund II 15.50 12.68 14.98Protector Fund II 11.13 10.48 11.13Maximiser Fund II 26.34 16.71 23.68Balancer Fund III 11.18 9.17 10.78Protector Fund III 10.55 9.96 10.55Maximiser Fund III 12.38 7.90 11.13Preserver Fund III 10.72 10.03 10.72Pension Balancer Fund 22.75 18.58 21.92Pension Protector Fund 13.43 12.72 13.43Pension Maximiser Fund 49.12 30.85 44.24Pension Preserver Fund 11.77 10.97 11.77Pension Balancer Fund II 15.98 12.94 15.43Pension Protector Fund II 11.13 10.46 11.13Pension Maximiser Fund II 27.48 17.20 24.80Group Balanced Fund 15.66 13.88 15.37Group Debt Fund 12.26 11.54 12.26Group Growth Fund 20.58 15.10 19.54Group Short-Term Debt Fund 12.24 11.46 12.24Group Capital Guarantee Balanced Fund 11.59 10.12 11.40Group Capital Guarantee Debt Fund 10.82 10.19 10.82Group Capital Guarantee Growth Fund 10.66 9.96 10.29Group Capital Guarantee Short-Term Debt Fund II 10.05 10.00 10.05Group Capital Guarantee Balanced Fund II 10.10 10.06 10.10Group Capital Guarantee Debt Fund II 10.03 10.01 10.03Group Capital Guarantee Short-Term Debt Fund 11.65 10.92 11.65Invest Shield Cash Fund 11.19 10.52 11.19Invest Shield Life Fund 13.42 11.21 13.18Invest Shield Pension Fund 13.48 11.11 13.22New Invest Shield Balanced Fund 11.29 10.00 10.96Cash Plus Fund 11.71 11.00 11.71Secure Plus Fund 11.60 10.92 11.60Secure Plus Pension Fund 11.36 10.68 11.36Flexi Growth Fund 10.28 10.00 10.11Flexi Growth Fund II 10.28 10.00 10.13Flexi Growth Fund III 10.28 10.00 10.12Pension Flexi Growth Fund 10.28 10.00 10.22Pension Flexi Growth Fund II 10.26 9.99 10.09Flexi Balanced Fund 10.16 10.00 10.10Flexi Balanced Fund II 10.16 10.00 10.12Flexi Balanced Fund III 10.16 10.00 10.08Pension Flexi Balanced Fund 10.27 10.00 10.27Pension Flexi Balanced Fund II 10.18 10.00 10.13
6. Expenses & gross income charged to Fund (%): Annualized expense ratio & gross income ratio (including unrealized gains) to average daily net assets of the Fund
Scheme Name Expenses Ratio (%) Gross Income Ratio (%)
Group Capital Guarantee Balanced Fund 2.01 12.72Group Capital Guarantee Debt Fund 1.59 7.17Group Capital Guarantee Short Term Debt Fund 1.16 8.31Group Balanced Fund 1.39 7.99Group Debt Fund 1.24 7.10Group Short Term Debt Fund 1.15 7.78Group Growth Fund 1.42 14.66Invest Shield Life Fund 1.18 12.06Balancer Fund 1.89 8.80Protector Fund 1.31 6.79Maximiser Fund 2.03 9.48Preserver Fund 0.71 7.86Invest Shield Pension Fund 1.19 11.34Pension Balancer Fund 1.61 9.26Pension Protector Fund 1.39 6.97Pension Maximiser Fund 1.78 9.31Pension Preserver Fund 0.69 7.78Cash Plus Fund 1.15 7.23Secure Plus Fund 1.17 7.20Secure Plus Pension Fund 1.18 7.39New Invest Shield Balanced Fund 1.16 7.76Group Capital Guarantee Growth Fund 2.40 2.40Flexi Balanced Fund 1.76 1.13Flexi Growth Fund 1.71 1.28Pension Flexi Balanced Fund 0.87 1.63Pension Flexi Growth Fund 1.24 1.21
7. Provision for doubtful debts on assets of the respective Fund: Nil
8. Fund-wise disclosure of appreciation and/or depreciation in value of investments segregated class-wise. (Rs. ‘000)
Scheme Name EquityMutual
FundGovernment
SecurityDebentures
Commercial Paper
Corporate Deposits
Total
Balancer Fund 2,206,551 — (12,633) (98,987) 21,657 28,985 2,145,573Protector Fund — — (6,925) (85,254) 11,588 15,987 (64,604)Maximiser Fund 8,634,059 140 — 132 — 895 8,635,226Pension Balancer Fund 671,392 — (4,031) (27,953) 5,997 9,969 655,375Pension Protector Fund — — (4,303) (32,789) 5,054 7,398 (24,640)Pension Maximiser Fund 1,625,330 — — — — — 1,625,330Cash Plus Fund — — (412) (3,677) 2,008 2,189 108Preserver Fund — — — (230) 9,519 12,965 22,255Pension Preserver Fund — — — (31) 480 864 1,313
89
Scheme Name EquityMutual
FundGovernment
SecurityDebentures
Commercial Paper
Corporate Deposits
Total
Secure Plus Fund 313 — (94) (902) 321 354 (8)Secure Plus Pension Fund — — (56) (387) 120 178 (145)Invest Shield Life Fund 28,457 — (222) (2,312) 727 894 27,544Invest Shield Pension Fund 5,270 — (46) (419) 134 164 5,104Group Balanced Fund 157,735 — (2,216) (23,486) 6,852 6,176 145,061Group Debt Fund — — (119) (943) 552 865 355 Group Short-Term Debt Fund — — — (5,213) 4,957 7,495 7,239Group Growth Fund 54,963 — (184) (1,272) 889 1,201 55,597Group Capital Guarantee Short- Term Debt Fund — — — (221) 107 374 260Group Capital Guarantee Balanced Fund 7,305 — (69) (658) 409 489 7,476Group Capital Guarantee Debt Fund — — (1) (6) 3 3 (1)New Invest Shield Balanced Fund 9,463 — (94) (681) 771 816 10,276Group Capital Guarantee Growth Fund 66 — (3) 2 1 27 93 Flexi Balanced Fund 105 — — 30 2 26 163Flexi Growth Fund 2,430 — — — — 37 2,467Pension Flexi Balanced Fund 155 — — 15 1 13 184 Pension Flexi Growth Fund 790 — — — — 16 806
9. Industry wise disclosure of investments (with exposure of 10% and above)Flexi Growth Fund
Industry Security Name Market Value
(Rs. in ‘000) % of NAV
Banking services ABN Amro Bank 63,288 2%HDFC Bank Limited 36,063 1%Punjab National Bank 56,256 2%State Bank of India 36,467 1%UTI Bank Limited 76,396 3%
Banking services Total 268,470 10%Software Aztecsoft Limited 78,219 3%
Infosys Technologies Limited 121,523 4%Satyam Computers Limited 93,122 3%TCS Limited 53,823 2%
Software Total 346,687 13%
Others 1,750,858 63%Net Current Assets 389,929 14%Grand Total 2,755,944 100%
Flexi Balanced Fund
Industry Security Name Market Value
(Rs. in ‘000) % of NAV
Banking services 11.20% Canara Bank 2008 1,650 1%11.90% State Bank of India 2008 3,139 2%ABN Amro Bank Limited 2007 1,286 1%Allahabad Bank 2008 2,740 2%Canara Bank 2008 1,094 1%HDFC Bank Limited 808 1%HSBC Bank 2007 1,374 1%ICICI Bank Limited 2008 953 1%IDBI Bank Limited 2008 953 1%Punjab National Bank 1,263 1%Punjab National Bank 2008 2,717 2%State Bank of India 818 1%Union Bank of India 2008 2,132 2%UTI Bank Limited 2,025 1%Yes Bank Limited 2008 1,629 1%
Banking services Total 24,584 17%Others 72,676 52%Net Current Assets 43,353 31%Grand Total 140,612 100%
Group Capital Guarantee Balanced Fund
Industry Security Name Market Value
(Rs. in ‘000) % of NAV
Banking services 10.75% Punjab National Bank 2008 5,700 3%10.75% State Bank of Patiala 2008 1,500 1%10.75% UTI Bank Limited 2008 1,075 0%10.95% Yes Bank 2008 1,000 0%11.05% Canara Bank 2008 2,000 1%11.05% Corporation Bank 2008 2,000 1%11.06% Canara Bank 2009 1,890 1%11.10% Canara Bank 2009 1,760 1%11.10% Punjab National Bank 2008 1,974 1%11.10% UTI Bank Limited 2008 1,100 1%11.15% Corporation Bank Limited 2008 2,110 1%11.20% Canara Bank 2008 3,500 2%11.30% Canara Bank 2008 1,500 1%11.50% ICICI Bank Limited 2008 3,200 1%11.50% Punjab National Bank 2008 1,200 1%11.50% UTI Bank Limited 2008 2,000 1%
90
Group Capital Guarantee Balanced Fund
Industry Security Name Market Value
(Rs. in ‘000) % of NAV
11.60% State Bank of Hyderabad 2008 6,800 3%11.90% State Bank of India 2008 506 0%6.50% UTI Bank Limited 2009 186 0%6.75% IDBI Bank Limited 2008 419 0%8.20% ICICI Bank Limited 2007 7,300 3%8.40% UTI Bank Limited 2008 2,395 1%8.50% UTI Bank Limited 2007 2,500 1%8.55% ICICI Bank Limited 2007 5,000 2%ABN Amro Bank Limited 2007 1,221 1%ABN Amro Bank Limited 2007 476 0%Allahabad Bank Limited 2008 595 0%Canara Bank 2008 376 0%HDFC Bank Limited 990 0%HSBC Bank 2007 1,740 1%ICICI Bank Limited 2008 636 0%ICICI Bank Limited 2007 1,963 1%IDBI Bank Limited 2008 455 0%IDBI Bank Limited 2007 1,982 1%IDBI Bank Limited 2008 1,439 1%Punjab National Bank Limited 2008 272 0%State Bank of Indore 2007 1,536 1%State Bank of Saurashtra 2007 20 0%State Bank of India 1,646 1%State Bank of Mysore 2008 683 0%State Bank of Hyderabad 2007 4,933 2%UCO Bank 2007 20 0%Union Bank of India 2007 477 0%Union Bank of India 2008 1,361 1%UTI Bank Limited 1,751 1%Yes Bank Limited 2008 1,837 1%
Banking services Total 85,024 39%Non-Banking Financial Cos. (NBFCs)
10.75% Citicorp Finance (India) Limited 2008 535 0%10.75% Kotak Mahindra Prime Limited 2010 1,074 0%11.20% Kotak Mahindra Prime Limited 2008 1,150 1%11.30% Kotak Mahindra Prime Limited 2010 2,225 1%6% Bajaj Auto Finance Limited 2010 232 0%8.25% Citicorp Finance (India) Limited 2008 834 0%8.38% Citicorp Maruti Finance Limited 2008 221 0%8.60% Sundaram Finance Limited 2008 3,908 2%8.65% Cholamandalam DBS Finance 2009 983 0%8.65% Citicorp Maruti Finance 2008 854 0%8.70% Kotak Mahindra Prime Limited 2008 835 0%8.75% Citicorp Finance (India) Limited 2009 578 0%8.90% Citifinancial Consumer Finance India Limited 2009 551 0%9.10% Cholamandalam DBS Finance 2009 1,241 1%Cholamandalam DBS Finance 2009 2,181 1%Citicorp Finance (India) Limited 2007 2,463 1%Citicorp Finance (India) Limited 2007 115 0%Citicorp Finance (India) Limited 2010 9,500 4%Citicorp Maruti Finance Limited 2008 5,260 2%GE Money Financial Services 2007) 966 0%L & T Finance Limited 2007 1,075 0%L & T Finance Limited 2009 2,500 1%Mahindra & Mahindra Financial Services Limited 2008 563 0%Sundaram Finance Limited 2008 2,000 1%Sundaram Finance Limited 2007 887 0%Sundaram Finance Limited 2007 846 0%
Non-Banking Financial Cos. (NBFCs) Total 43,578 20%
Others 79,823 37%
Net Current Assets 9,046 4%
Grand Total 217,471 100%
Group Capital Guarantee Debt Fund
Industry Security Name Market Value
(Rs. in ‘000) % of NAV
Banking Services 10.75% Punjab National Bank 2008 100 4%10.75% State Bank of 2008 40 2%10.75% UTI Bank Limited 2008 12 0%10.95% Yes Bank Limited 2008 25 1%11.05% Canara Bank 2008 30 1%11.05% Corporation Bank Limited 2008 20 1%11.06% Canara Bank 2009 25 1%11.10% Canara Bank 2009 15 1%11.10% Punjab National Bank 2008 21 1%11.10% UTI Bank Limited 2008 50 2%11.15% Corporation Bank Limited 2008 20 1%11.20% Canara Bank 2008 25 1%11.30% Canara Bank 2008 10 0%11.50% ICICI Bank Limited 2008 30 1%11.50% Punjab National Bank 2008 10 0%11.50% UTI Bank Limited 2008 20 1%11.60% State Bank of Hyderabad 2008 100 4%11.90% State Bank of India 71 3%
91
Group Capital Guarantee Debt Fund
Industry Security Name Market Value
(Rs. in ‘000) % of NAV
6.50% UTI Bank Limited 2009 19 1%6.75% IDBI Limited 2008 4 0%8.20% ICICI Bank Limited 2007 30 1%8.30% State Bank of Bikaner & Jaipur 2007 50 2%8.40% UTI Bank Limited 2008 39 1%ABN Amro Bank Limited 2007 10 0%ABN Amro Bank Limited 2007 7 0%ABN Amro Bank Limited 2007 6 0%Allahabad Bank 2008 6 0%Canara Bank 2008 5 0%HSBC Bank 2007 18 1%ICICI Bank Limited 2008 91 3%IDBI Bank Limited 2008 9 0%IDBI Bank Limited 2008 64 2%Punjab National Bank 2008 9 0%State Bank of Mysore 2008 5 0%State Bank of Mysore 2007 39 2%Union Bank of India 2007 6 0%Union Bank of India 2008 82 3%Yes Bank Limited 2008 81 3%
Banking services Total 1,203 46%
Non-Banking Financial Cos.(NBFCs)
10.75% Citicorp Finance (India) Limited 2008 5 0%10.75% Kotak Mahindra Prime Limited 2010 12 0%11.20% Kotak Mahindra Prime Limited 2008 12 0%11.30% Kotak Mahindra Prime Limited 2010 20 1%6% Bajaj Auto Finance Limited 2010 4 0%8.25% Citicorp Finance (India) Limited 2008 10 0%8.38% Citicorp Maruti Finance 2008 5 0%8.60% Sundaram Finance Limited 2008 10 0%8.65% Cholamandalam DBS Finance 2009 7 0%8.65% Citicorp Maruti Finance Limited 2008 5 0%8.70% Kotak Mahindra Prime Limited 2008 5 0%8.75% Citicorp Finance (India) Limited 2009 3 0%9.10% Cholamandalam DBS Finance Limited 2009 11 0%Cholamandalam DBS Finance 2009 14 1%Citicorp Finance (India) Limited 2008 10 0%Citicorp Finance (India) Limited 2010 80 3%Citicorp Maruti Finance Limited 2008 40 2%GE Money Financial Services Limited 2007 10 0%L & T Finance Limited 2007 7 0%L & T Finance Limited 2009 1 0%Mahindra & Mahindra Financial Services Limited 2008 4 0%Sundaram Finance Limited 2008 5 0%Sundaram Finance Limited 2007 3 0%
Non-Banking Financial Cos. (NBFCs) Total 281 11%
Others 994 38%
Net Current Assets 144 6%
Grand Total 2,623 100%
Group Capital Guarantee Short-Term Debt Fund
Industry Security Name Market Value
(Rs. in ‘000) % of NAV
Banking services 10.75% State Bank of Patiala Limited 2008 500 0%
10.75% UTI Bank Limited 2008 334 0%
10.95% Yes Bank Limited 2008 350 0%
11.05% Canara Bank 2008 700 0%
11.05% Corporation Bank Limited 2008 22,000 6%
11.06% Canara Bank 2009 11,069 3%
11.10% Canara Bank 2009 530 0%
11.10% Punjab National Bank 2008 794 0%
11.10% UTI Bank Limited 2008 1,150 0%
11.15% Corporation Bank Limited 2008 630 0%
11.20% Canara Bank 2008 1,000 0%
11.30% Canara Bank 2008 12,500 3%
11.50% ICICI Bank Limited 2008 33,200 9%
11.50% Punjab National Bank 2008 20,000 5%
11.50% UTI Bank Limited 2008 1,800 0%
11.60% State Bank of Hyderabad 2008 22,300 6%
6.75% IDBI Bank Limited 2008 210 0%
6.75% IDBI Bank Limited 2008 210 0%
8.20% ICICI Bank Limited 2007 2,500 1%
8.30% State Bank of Bikaner & Jaipur 2007 2,500 1%
8.55% ICICI Bank Limited 2007 1,000 0%
ABN Amro Bank Limited 2007 485 0%
ABN Amro Bank Limited 2007 10,494 3%
ABN Amro Bank Limited 2007 7,431 2%
Allahabad Bank 2008 13,246 4%
Canara Bank 2008 1,940 1%
HSBC Bank 2007 23,566 6%
92
Group Capital Guarantee Short-Term Debt Fund
Industry Security Name Market Value
(Rs. in ‘000) % of NAV
IDBI Bank Limited 2008 9,098 2%
IDBI Bank Limited 2008 9,081 2%
State Bank of Indore 2007 902 0%
State Bank of Mysore 2008 29,424 8%
State Bank of Patiala 2007 1,482 0%
Union Bank of India 2007 7,153 2%
Union Bank of India 2008 14,876 4%
Yes Bank Limited 2008 20,004 5%
Banking services Total 284,245 78%
Others 78,112 21%
Net Current Assets 1,644 0%
Grand Total 364,001 100%
Group Capital Guarantee Growth Fund
Industry Security Name Market Value
(Rs. in ‘000) % of NAV
Banking services 10.75% Punjab National Bank 2008 600 4%10.75% State Bank of Patiala 2008 300 2%10.75% UTI Bank Limited 2008 57 0%10.95% Yes Bank Limited 2008 100 1%11.05% Canara Bank 2008 200 1%11.05% Corporation Bank Limited 2008 200 1%11.06% Canara Bank 2009 100 1%11.10% Canara Bank 2009 90 1%11.10% Punjab National Bank 2008 103 1%11.10% UTI Bank Limited 2008 300 2%11.15% Corporation Bank Limited 2008 110 1%11.20% Canara Bank 2008 200 1%11.30% Canara Bank 2008 70 0%11.50% ICICI Bank Limited 2008 250 2%11.50% UTI Bank Limited 2008 100 1%11.60% State Bank of Hyderabad 2008 500 4%11.90% State Bank of India 2008 101 1%ABN Amro Bank Limited 2007 109 1%ABN Amro Bank Limited 2007 42 0%Allahabad Bank 2008 30 0%American Express Bank 2007 886 6%Canara Bank 2008 20 0%HDFC Bank Limited 200 1%HSBC Bank 2007 87 1%ICICI Bank Limited 2008 91 1%IDBI Bank Limited 2008 182 1%IDBI Bank Limited 2008 232 2%Punjab National Bank 2008 172 1%State Bank of India 199 1%State Bank of Mysore Limited 2008 26 0%Union Bank of India 2007 42 0%Union Bank of India 2008 390 3%UTI Bank Limited 277 2%Yes Bank Limited 2008 724 5%
Banking services Total 7,090 50%
Others 7,036 50%
Net Current Assets (26) 0%
Grand Total 14,100 100%
Group Balanced Fund
Industry Security Name Market Value
(Rs. in ‘000) % of NAV
Banking services 10.20% ICICI Bank Limited 2008 1,496 0%10.75% Punjab National Bank 2008 42,200 1%10.75% State Bank of Patiala 2008 25,500 1%10.75% UTI Bank Limited 2008 24,602 1%10.95% Yes Bank Limited 2008 23,500 1%11% IDBI Limited 2008 10,015 0%11.05% Canara Bank 2008 47,500 1%11.05% Corporation Bank Limited 2008 36,000 1%11.06% Canara Bank 2009 42,586 1%11.10% Canara Bank 2009 39,830 1%11.10% Punjab National Bank 2008 44,478 1%11.10% UTI Bank Limited 2008 45,000 1%11.15% Corporation Bank Limited 2008 47,700 1%11.20% Canara Bank 2008 92,500 2%11.30% Canara Bank 2008 30,000 1%11.50% ICICI Bank Limited 2008 199,400 5%11.50% Punjab National Bank Limited 2008 35,000 1%11.50% UTI Bank Limited 2008 75,000 2%11.60% State Bank of Hyderabad 2008 200,000 5%11.90% State Bank India 2008 35,443 1%6.50% UTI Bank Limited 2009 9,301 0%6.75% ICICI Bank Limited 2010 457 0%6.75% IDBI Bank Limited 2008 13,531 0%8.20% ICICI Bank Limited 2007 31,000 1%8.30% State Bank of Bikaner & Jaipur 2007 157,300 4%8.40% UTI Bank Limited 2008 21,907 0%
93
Group Balanced Fund
Industry Security Name Market Value
(Rs. in ‘000) % of NAV
ABN Amro Bank Limited 2007 29,732 1%Canara Bank 2008 8,654 0%HDFC Bank Limited 37,734 1%HSBC Bank 2007 1,045 0%IDBI Bank Limited 2007 9,909 0%IDBI Bank Limited 2008 100,021 2%Punjab National Bank 13,266 0%State Bank of Indore 2007 50,112 1%State Bank of Saurashtra 2007 12,437 0%State Bank of India 28,156 1%State Bank of Saurashtra 2007 9,834 0%UCO Bank 2007 20,720 0%Union Bank of India 2007 23,844 1%Union Bank of India 2008 45,352 1%UTI Bank Limited 25,243 1%
Banking services Total 1,747,304 40%Non-Banking Financial Cos.(NBFCs)
10.75% Citicorp Finance India Limited 2008 11,683 0%10.75% Kotak Mahindra Prime Limited 2010 25,870 1%11.20% Kotak Mahindra Prime Limited 2008 26,000 1%11.30% Kotak Mahindra Prime Limited 2010 52,095 1%5.90% Citifinancial Consumer Finance India Limited 2007 5,980 0%6% Bajaj Auto Finance Limited 2010 5,200 0%6.85% Kotak Mahindra Prime Limited 2007 13,220 0%6.90% Citifinancial Consumer Finance India Limited 2008 5,197 0%7.00% Kotak Mahindra Prime Limited 2007 8,604 0%7.00% Mahindra & Mahindra Finance Limited 2008 4,710 0%7.05% Citifinancial Consumer Finance India Limited 2008 32,576 1%7.05% Citifinancial Consumer Finance India Limited 2008 34,699 1%7.05% Mahindra & Mahindra Finance Services Limited 2008 9,653 0%7.90% Kotak Mahindra Prime Limited 2007 19,993 0%8.10% Citicorp Finance India Limited 2007 16,816 0%8.25% Citicorp Finance India Limited 2008 18,835 0%8.38% Citicorp Maruti Finance Limited 2008 4,904 0%8.60% Sundaram Finance Limited 2008 19,541 0%8.65% Cholamandalam DBS Finance Limited 2009 26,245 1%8.65% Citicorp Maruti Finance Limited 2008 18,398 0%8.70% Kotak Mahindra Prime Limited 2008 18,432 0%8.75% Citicorp Finance India Limited 2009 24,069 1%8.90% Citifinancial Consumer Finance India Limited 2009 16,124 0%9.10% Cholamandalam DBS Finance Limited 2009 29,271 1%Cholamandalam DBS Finance Limited 2009 46,714 1%Citicorp Finance India Limited 2008 9,300 0%Citicorp Finance India Limited 2010 40,000 1%Citicorp Maruti Finance Limited 2008 30,000 1%GE Capital Services India Limited 2007 41,819 1%GE Money Financial Limited 2007 18,356 0%L & T Finance Limited 2007 20,824 0%L & T Finance Limited 2009 64,900 1%Mahindra & Mahindra Financial Services Limited 2008 13,324 0%Sundaram Finance Limited 2008 10,000 0%Sundaram Finance Limited 2007 19,701 0%Sundaram Finance Limited 2007 18,640 0%
Non-Banking Financial Cos. (NBFCs) Total 781,692 18%Other financial institutions 5.85% Power Finance Corporation Limited 2010 32,678 1%
6.20% EXIM Bank Limited 2008 14,185 0%7.50% Power Finance Corporation Limited 2009 13,977 0%7.70% NABARD 2009 19,184 0%8.00% EXIM Bank of India Limited 2009 19,994 0%8.00% EXIM Bank of India 2009 15,575 0%8.05% IDFC Limited 2009 7,385 0%8.05% IRFC Limited 2007 16,994 0%8.10% IDFC Limited 2009 149,619 3%8.15% NABARD 2009 20,253 0%8.15% NABARD 2009 9,969 0%8.15% NABARD 2009 21,798 0%8.50% EXIM Bank Limited 2011 24,970 1%8.55% Power Finance Corporation Limited 2011 14,375 0%8.57% IRFC Limited 2016 9,288 0%8.60% IDFC Limited 2011 33,946 1%8.78% Power Finance Corporation Limited 2016 9,886 0%EXIM Bank of India 2007 16,916 0%
Other financial institutions Total 450,993 10%
Others 1,268,670 29%
Net Current Assets 136,401 3%
Grand Total 4,385,060 100%
Group Debt Fund
Industry Security Name Market Value
(Rs. in ‘000) % of NAV
Banking services 10.75% Punjab National Bank 2008 10,500 2%10.75% State Bank of Patiala 2008 1,500 0%10.75% UTI Bank Limited 2008 1,698 0%10.95% Yes Bank Limited 2008 1,600 0%11.05% Canara Bank 2008 3,300 1%11.05% Corporation Bank Limited 2008 2,500 1%11.06% Canara Bank 2009 2915 1%
94
Group Debt Fund
Industry Security Name Market Value
(Rs. in ‘000) % of NAV
Banking services 11.10% Canara Bank 2009 2,670 1%11.10% Punjab National Bank 2008 3,044 1%11.15% Corporation Bank Limited 2008 3,200 1%11.20% Canara Bank 2008 5,500 1%11.30% Canara Bank 2008 15,000 4%11.50% ICICI Bank Limited 2008 24,460 6%11.50% Punjab National Bank 2008 15,000 4%11.50% UTI Bank Limited 2008 4,500 1%11.60% State Bank of Hyderabad 2008 8,000 2%11.90% State Bank of India 2008 30,379 7%6.50% UTI Bank Limited 2009 158 0%6.75% IDBI Bank Limited 2008 797 0%8.30% State Bank of Bikaner & Jaipur 2007 5,500 1%8.50% UTI Bank Limited 2007 8,000 2%8.55% ICICI Bank Limited 2007 5,000 1%ABN Amro Bank Limited 2007 979 0%ABN Amro Bank Limited 2007 4,268 1%ABN Amro Bank Limited 2007 9,717 2%Allahabad Bank 2008 4,374 1%American Express Bank 2007 1,477 0%Canara Bank 2008 596 0%HSBC Bank 2007 11,892 3%IDBI Bank Limited 2008 6,823 2%IDBI Ltd 2008 11,030 3%State Bank of Indore 2007 2,319 1%State Bank of Saurashtra 2007 377 0%State Bank of Mysore 2008 11,387 3%State Bank of Travancore 2007 9,504 2%State Bank of Hyderabad 2007 4,933 1%UCO Bank 2007 625 0%Union Bank of India 2007 4,769 1%Union Bank of India 2008 1,361 0%
Banking services Total 241,651 57%
Non-Banking 10.75% Citicorp Finance India Limited 2008 785 0%Financial Cos. 11.20% Kotak Mahindra Prime Limited 2008 1,788 0%(NBFCs) 11.30% Kotak Mahindra Prime Limited 2010 2,529 1%
5.90% Citifinancial Consumer Finance India Limited 2007 1,495 0%6.00% Bajaj Auto Finance Limited 2010 353 0%6.85% Kotak Mahindra Primus Limited 2007 1,193 0%6.90% Citifinancial Consumer Finance India Limited 2008 469 0%7.00% Kotak Mahindra Primus Limited 2007 880 0%7.05% Citifinancial Consumer Finance India Limited 2008 580 0%7.05% Mahindra & Mahindra Finance Limited 2008 1,931 0%8.25% Citicorp Finance India Limited 2008 736 0%8.38% Citicorp Maruti Finance Limited 2008 245 0%8.39% Citicorp Maruti Finance Limited 2008 15,625 4%8.60% Sundaram Finance Limited 2008 489 0%8.65% Cholamandalam DBS Finance Limited 2009 681 0%8.65% Citicorp Maruti Finance Limited 2008 460 0%8.70% Kotak Mahindra Primus Limited 2008 494 0%8.75% Citicorp Finance Limited 2009 3,562 1%8.90% Citifinancial Consumer Finance India Limited 2009 1,286 0%9.10% Cholamandalam DBS Finance Limited 2009 1,825 0%Cholamandalam DBS Finance Limited 2007 10,000 2%Cholamandalam DBS Finance Limited 2009 1,195 0%Citicorp Finance India Limited 2008 250 0%Citicorp Finance Limited 2010 8,000 2%Citicorp Finance Limited 2008 2,500 1%GE Capital Services India sLimited 2007 6,000 1%GE Money Financial Services Limited 2007 966 0%Kotak Mahindra Prime Limited 2007 9,952 2%L & T Finance Limited 2007 587 0%Mahindra & Mahindra Financial Services Limited 2008 894 0%Sundaram Finance Limited 2008 250 0%Sundaram Finance Limited 2007 500 0%
Non-Banking Financial Cos. (NBFCs) Total 78,500 19%
Others 92,095 22%
Net Current Assets 10,149 2%
Grand Total 422,396 100%
Group Short-Term Debt Fund
Industry Security Name Market Value
(Rs. in ‘000) % of NAV
Banking services 10.75% UTI Bank Limited 2008 8,045 0%
10.95% Yes Bank Limited 2008 7,600 0%
11.05% Canara Bank 2008 17,100 1%
11.05% Corporation Bank Limited 2008 50,000 2%
11.06% Canara Bank 2009 35,352 2%
11.10% Canara Bank 2009 14,360 1%
11.10% Punjab National Bank 2008 44,757 2%
11.15% Corporation Bank Limited 2008 17,200 1%
11.20% Canara Bank 2008 26,500 1%
11.30% Canara Bank 2008 22,500 1%
11.50% ICICI Bank Limited 2008 52,760 3%
UTI Bank Limited 2008 10,000 0%
95
Group Short-Term Debt Fund
Industry Security Name Market Value
(Rs. in ‘000) % of NAV
Banking services 11.60% State Bank of Hyderabad 2008 45,000 2%6.75% IDBI Limited 2008 5,336 0%8.40% UTI Bank Limited 2008 9,737 0%8.50% UTI Bank Limited 2007 110,000 5%8.55% ICICI Bank Limited 2007 60,000 3%ABN Amro Bank Limited 2007 4,807 0%ABN Amro Bank Limited 2007 13,058 1%ABN Amro Bank Limited 2007 26,197 1%Allahabad Bank Limited 2008 55,054 3%Canara Bank Limited 2008 3,114 0%HSBC Bank 2007 62,957 3%ICICI Bank Limited 2007 4,908 0%IDBI Bank Limited 2008 31,842 2%IDBI Bank Limited 2007 59,453 3%IDBI Bank Limited 2008 16,371 1%State Bank of Indore 2007 14,015 1%State Bank of Mysore 2008 3,668 0%State Bank of Patiala 2007 9,878 0%State Bank of Travancore 2007 47,518 2%State Bank of Saurashtra 2007 68,840 3%Union Bank of India 2008 7,710 0%Yes Bank Limited 2008 27,155 1%
Banking services Total 992,791 49%Non-Banking Financial Cos.(NBFCs)
10.75% Kotak Mahindra Prime Limited 2010 7,285 0%6.00% Bajaj Auto Finance Limited 2010 1,667 0%7.05% Citifinancial Consumer Finance India Limited 2008 19,333 1%7.05% Mahindra & Mahindra Financial Services Limited 2008 18,340 1%7.90% Kotak Mahindra Prime Limited 2007 4,998 0%8.25% Citicorp Finance (India) Limited 2008 3,924 0%8.38% Citicorp Maruti Finance Limited 2008 883 0%8.70% Kotak Mahindra Prime Limited 2008 3,798 0%8.75% Citicorp Finance India Limited 2,407 0%8.90% Citifinancial Consumer Finance India Limited 2009 2,515 0%9.10% Cholamandalam DBS Finance Limited 2009 5,277 0%Citicorp Finance India Limited 2007 9,853 0%Citicorp Finance India Limited 2007 5,425 0%Citicorp Finance India Limited 2010 40,000 2%Citicorp Maruti Finance Limited 2008 10,000 0%GE Capital Services India Limited 2007 5,974 0%GE Money Financial Services Limited 2007 4,831 0%Kotak Mahindra Prime Limited 2007 44,782 2%Mahindra & Mahindra Financial Services Limited 2008 2,325 0%Sundaram Finance Limited 2007 3,801 0%
Non-Banking Financial Cos. (NBFCs) Total 197,417 10%
Others 283,160 14%
Net Current Assets 550,953 27%
Grand Total 2,024,322 100%
Group Growth Fund
Industry Security Name Market Value
(Rs. in ‘000) % of NAV
Banking services 10.75% Punjab National Bank 2008 12,500 1%10.75% UTI Bank Limited 2008 2,599 0%10.95% Yes Bank Limited 2008 2,500 0%11.05% Canara Bank 2008 5,500 0%11.05% Corporation Bank Limited 2008 4,500 0%11.06% Canara Bank 2009 4,325 0%11.10% Canara Bank 2009 4,180 0%11.10% Punjab National Bank 2008 4,517 0%11.10% UTI Bank Limited 2008 10,000 1%11.15% Corporation Bank Limited 2008 5,000 0%11.20% Canara Bank 2008 12,000 1%11.30% Canara Bank 2008 7,000 1%11.50% ICICI Bank Limited 2008 45,200 3%11.50% Punjab National Bank 2008 10,000 1%11.50% UTI Bank Limited 2008 2,700 0%11.60% State Bank of Hyderabad 2008 22,500 2%11.90% State Bank of India 2008 9,114 1%6.50% UTI Bank Limited 2009 419 0%6.75% IDBI Bank Limited 2008 934 0%8.20% ICICI Bank Limited 2007 16,970 1%8.30% State Bank of Bikaner & Jaipur 2007 25,000 2%8.40% UTI Bank Limited 2008 2,921 0%ABN Amro Bank Limited 2007 2,704 0%ABN Amro Bank 2007 5,757 0%ABN Amro Bank 2007 2,382 0%Allahabad Bank 2008 9,535 1%Canara Bank 2008 978 0%HDFC Bank Limited 42,193 3%HSBC Bank 2007 6,350 0%ICICI Bank Limited 2008 2,270 0%ICICI Bank Limited 2007 3,926 0%IDBI Bank Limited 2008 5,459 0%IDBI Limited 2008 9,895 1%Punjab National Bank 17,703 1%Punjab National Bank 2008 4,529 0%State Bank of Saurashtra 2007 992 0%State Bank of India 13,237 1%
96
Group Growth Fund
Industry Security Name Market Value
(Rs. in ‘000) % of NAV
State Bank of Saurashtra 2007 4,917 0%State Bank of Mysore 2008 5,010 0%State Bank of Hyderabad 2007 9,866 1%UCO Bank 2007 991 0%Union Bank of India 2007 2,384 0%Union Bank of India 2008 6,712 1%UTI Bank Limited 22,428 2%Yes Bank Limited 2008 6,789 1%
Banking services Total 397,385 31%Software Infosys Technologies Limited 67,435 5%
KPIT Cummins Infosystems Limited 10,492 1%
Satyam Computers Limited 44,322 3%
TCS Limited 17,944 1%
Software Total 140,192 11%
Others 794,075 61%
Net Current Assets (32,034) -2%
Grand Total 1,299,619 100%
Protector Fund
Industry Security Name Market Value
(Rs. in ‘000) % of NAV
Banking services 10.75% State Bank of Patiala 2008 90,000 1%10.75% UTI Bank Limited 2008 25,386 0%10.75% UTI Bank Limited 2008 29,546 0%10.95% Yes Bank Limited 2008 51,500 1%11.05% Canara Bank 2008 103,470 1%11.05% Corporation Bank Limited 2008 79,100 1%11.06% Canara Bank 2009 94,511 1%11.10% Canara Bank 2009 86,230 1%11.10% Punjab National Bank 2008 98,712 1%11.10% UTI Bank Limited 2008 29,200 0%11.15% Corporation Bank Limited 2008 103,260 1%11.20% Canara Bank 2008 85,500 1%11.30% Canara Bank 2008 30,000 0%11.50% ICICI Bank Limited 2008 529,000 7%11.50% Punjab National Bank Limited 2008 30,000 0%11.50% UTI Bank Limited 2008 216,950 3%11.60% State Bank of Hyderabad 2008 480,000 6%11.90% State Bank of India 2008 20,253 0%6.50% UTI Bank Limited 2009 10,231 0%6.75% IDBI Limited 2008 57,744 1%8.20% ICICI BANK Limited 2007 35,000 0%8.50% UTI Bank Limited 2007 24,000 0%8.55% ICICI Bank Limited 2007 61,600 1%ABN Amro Bank Limited 2007 68,282 1%ABN Amro Bank Limited 2007 4,573 0%Canara Bank 2006 18.948 0%American Express Bank 2007 10,438 0%ICICI Bank Limited 2007 48,099 1%IDBI Bank Limited 2008 13,647 0%IDBI Bank Limited 2007 76,793 1%IDBI Bank Limited 2008 57,073 1%State Bank of Indore 2007 90,244 1%State Bank of Saurashtra 2007 19,835 0%State Bank of Mysore 2008 14,952 0%UCO BANK 2007 64,073 1%Union Bank of India Limited 2008 27,211 0%Yes Bank Limited 2008 36,207 0%
Banking services Total 2,921,567 38%
Non-Banking Financial Cos. (NBFCs) 10.75% Citicorp Finance India Limited 2008 24,467 0%10.75% Kotak Mahindra Prime Limited 2010 56,685 1%11.20% Kotak Mahindra Prime Limited 2008 54,780 1%11.30% Kotak Mahindra Prime Limited 2010 5,564 0%5.90% Citifinancial Consumer Finance India Limited 2007 33,884 0%6% Bajaj Auto Finance Limited 2010 11,549 0%6.85% Kotak Mahindra Prime Limited 2007 85,356 1%6.90% Citifinancial Consumer Finance India Limited 2008 33,116 0%7.00% Kotak Mahindra Prime Limited 2007 47,615 1%7.00% Mahindra and Mahindra Financial Services Limited 2008 27,492 0%7.05% Citifinancial Consumer Finance India Limited 2008 215,177 3%7.05% Citifinancial Consumer Finance India Limited 2008 50,385 1%7.05% Mahindra and Mahindra Financial Services Limited 2008 13,514 0%7.90% Kotak Mahindra Prime Limited 2007 29,989 0%8.10% Citicorp Finance India Limited 2007 58,361 1%8.25% Citicorp Finance India Limited 2008 48,069 1%8.38% Citicorp Maruti Finance Limited 2008 11,769 0%8.39% Citicorp Maruti Finance Limited 2008 13,672 0%8.60% Sundaram Finance Limited 2008 54,119 1%8.65% Cholamandalam DBS Financial Limited 2009 63,008 1%8.65% Citicorp Maruti Finance Limited 2008 50,326 1%8.70% Kotak Mahindra Prime Limited 2008 48,256 1%8.75% Citicorp Finance India Limited 2009 28,883 0%8.75% Citicorp Maruti Finance Limited 2008 19,556 0%8.90% Citifinancial Consumer Finance India Limited 2009 29,994 0%9.10% Cholamandalam DBS Finance Limited 2009 66,750 1%Cholamandalam DBS Finance Limited 128,050 2%Citicorp Finance India Limited 2008 28,540 0%
97
Protector Fund
Industry Security Name Market Value
(Rs. in ‘000) % of NAV
Citicorp Finance India Limited 2010 44,120 1%L & T Finance Limited 2007 60,109 1%GE Capital Service India Limited 2007 23,897 0%GE Money Financial Services Limited 2007 42,026 1%Citicorp Finance India Limited 2007 9,653 0%L & T Finance Limited 2009 49,800 1%Mahindra & Mahindra Financial Services Limited 2008 31,744 0%Sundaram Finance Limited 2008 27,695 0%Sundaram Finance Limited 2007 19,750 0%
Sundaram Finance Limited 2007 48,927 1%
Non-Banking Financial Cos. (NBFCs) Total 1,696,646 22%
Other financial institutions 5.85% Power Finance Corporation Limited 2010 139,235 2%6.2% EXIM Bank of India 2008 101,496 1%7.70% NABARD 2009 199,833 3%8.00% EXIM Bank of India 2009 45,242 1%8.00% EXIM Bank of India 2009 46,238 1%8.05% IRFC 2007 59,004 1%8.10% IDFC Limited 2007 123,985 2%8.15% NABARD 2009 46,733 1%8.15% NABARD 2009 19,938 0%8.15% NABARD 2009 58,920 1%8.30% EXIM Bank of India 2007 10,001 0%8.50% EXIM Bank of India 2011 57,402 1%8.55% Power Finance Corporation Limited 2011 35,326 0%8.57% IRFC 2016 22,874 0%8.60% IDFC Limited 2011 86,204 1%8.78% Power Finance Corporation Limited 2016 11,946 0%EXIM Bank of India 2007 29,402 0%EXIM Bank of India 2007 7,329 0%
Other financial institutions Total 1,101,108 14%
Others 1,626,977 21%
Net Current Assets 264,367 3%
Grand Total 7,610,666 100%
New Invest Shield Balanced Fund
Industry Security Name Market Value
(Rs. in ‘000) % of NAV
Banking services 10.75% Punjab National Bank 2008 8,500 2%10.75% State Bank of Patiala 2008 4,000 1%10.75% UTI Bank Limited 2008 1,328 0%10.95% Yes Bank Limited 2008 1,500 0%11% IDBI Bank Limited 2008 2,504 1%11.05% Canara Bank 2008 2,600 1%11.05% Corporation Bank Limited 2008 2,550 1%11.06% Canara Bank 2009 3,328 1%11.10% Canara Bank 2009 2,170 1%11.10% UTI Bank Limited 2008 2,300 1%11.15% Corporation Bank Limited 2008 2,600 1%11.20% Canara Bank 2008 6,000 2%11.30% Canara Bank 2008 3,000 1%11.50% ICICI Bank Limited 2008 2,870 1%11.50% Punjab National Bank Limited 2008 4,990 1%11.50% UTI Bank Limited 2008 3,600 1%11.60% State Bank of Hyderabad 2008 7,500 2%11.90% State Bank of India 2008 10,126 3%6.50% UTI Bank Limited 2009 186 0%8.30% State Bank of Bikaner & Jaipur 2007 10,000 3%8.50% UTI Bank Limited 2007 2,500 1%8.55% ICICI Bank Limited 2007 7,500 2%ABN Amro Bank Limited 2007 1,318 0%ABN Amro Bank Limited 2007 2,570 1%ABN Amro Bank Limited 2007 1,429 0%Allahabad Bank Limited 2008 709 0%American Express Bank 2007 1,920 1%Canara Bank 2008 485 0%HDFC Bank Limited 2,862 1%HSBC Bank 2007 2,024 1%ICICI Bank Limited 2008 2,270 1%ICICI Bank Limited 2007 1,374 0%IDBI Bank Limited 2008 1,365 0%IDBI Bank Limited 2007 1,982 1%IDBI Bank Limited 2008 2,536 1%Punjab National Bank 1,423 0%Punjab National Bank 2008 2,717 1%State Bank of Indore 2007 2,121 1%State Bank of India 3,729 1%State Bank of Mysore Limited 2008 1,340 0%State Bank of Travancore 2007 2,851 1%State Bank of Saurashtra 2007 4,917 1%State Bank of Hyderabad 2007 4,144 1%Union Bank of India Limited 2007 1,431 0%Union Bank of India Limited 2008 2,721 1%UTI Bank Limited 4,168 1%Yes Bank Limited 2008 4,526 1%
Banking services Total 153,016 41%
98
New Invest Shield Balanced Fund
Industry Security Name Market Value
(Rs. in ‘000) % of NAV
Non-Banking Financial Cos.(NBFCs)
10.75% Citicorp Finance India Limited 2008 639 0%10.75% Kotak Mahindra Prime Limited 2010 1,284 0%11.20% Kotak Mahindra Prime Limited 2008 1,447 0%11.30% Kotak Mahindra Prime Limited 2010 759 0%6.00% Bajaj Auto Finance Limited 2010 287 0%8.38% Citicorp Finance India Limited 2008 490 0%8.75% Citicorp Finance India Limited 2009 260 0%8.90% Citifinancial Consumer Finance India Limited 2009 1,983 1%9.10% Cholamandalam DBS Finance Limited 2009 1,320 0%Citicorp Finance India Limited 2007 2,463 1%Citicorp Finance India Limited 2010 13,000 4%Citicorp Maruti Finance Limited 2008 2,500 1%GE Money Financial Services Limited 2007 2,415 1%Kotak Mahindra Prime Limited 5,971 2%Mahindra & Mahindra Financial Services Limited 2008 2,235 1%
Non-Banking Financial Cos. (NBFCs) Total 37,054 10%
Others 159,794 43%
Net Current Assets 20,658 6%
Grand Total 370,523 100%
Pension Flexi Balanced Fund
Industry Security Name Market Value
(Rs. in ‘000) % of NAV
Auto Ashok Leyland Limited 275 1%Mahindra & Mahindra Limited 577 1%Maruti Udyog Limited 363 1%Omax Autos Limited 362 1%Tata Motors Limited 3,639 7%
Auto Total 5,217 10%
Banking services 11.20% Canara Bank 2008 850 2%11.90% State Bank of India 2008 1,418 3%ABN Amro Bank Limited 2007 619 1%Allahabad Bank Limited 2008 1,496 3%Canara Bank 2008 564 1%HDFC Bank Limited 282 1%HSBC Bank 2007 699 1%ICICI Bank Limited 2008 499 1%IDBI Bank Limited 2008 499 1%Punjab National Bank 440 1%Punjab National Bank 2008 1,359 3%State Bank of India 420 1%Union Bank of India Limited 2008 1,043 2%UTI Bank Limited 564 1%Yes Bank Limited 2008 724 1%
Banking services Total 11,477 22%
Others 26,317 51%
Net Current Assets 8,834 17%
Grand Total 51,845 100%
Pension Balancer Fund
Industry Security Name Market Value
(Rs. in ‘000) % of NAV
Banking services 10.75% Punjab National Bank 2008 40,000 1%
10.75% State Bank of Patiala 2008 15,000 0%
10.75% UTI Bank Limited 2008 28,307 0%
10.95% Yes Bank Limited 2008 27,500 0%
11% IDBI Limited 2008 7,512 0%
11.05% Canara Bank 2008 54,800 1%
11.05% Corporation Bank 2008 48,500 1%
11.06% Canara Bank 2009 49,191 1%
11.10% Canara Bank 2009 45,760 1%
11.10% Punjab National Bank 2008 51,377 1%
11.10% UTI Bank Limited 2008 32,500 0%
11.15% Corporation Bank Limited 2008 54,800 1%
11.20% Canara Bank 2008 85,500 1%
11.30% Canara Bank 2008 40,000 1%
11.50% ICICI Bank Limited 2008 351,720 5%
11.50% UTI Bank Limited 2008 130,000 2%
11.60% State Bank of Hyderabad 2008 310,000 5%
11.90% State Bank of India 2008 35,949 1%
6.50% UTI Bank Limited 2009 6,045 0%
6.75% IDBI Bank Limited 2008 19,629 0%
8.20% ICICI Bank Limited 2007 25,000 0%
8.40% UTI Bank Limited 2008 2,434 0%
99
Pension Balancer Fund
Industry Security Name Market Value
(Rs. in ‘000) % of NAV
ABN Amro Bank Limited 2007 30,933 0%
ABN Amro Bank Limited 2007 112,230 2%ABN Amro Bank Limited 2007 46,203 1%Allahabad Bank Limited 2008 20,006 0%Canara Bank Limited 2008 9,991 0%HDFC Bank Limited 145,621 2%HSBC Bank 2007 105,385 2%ICICI Bank Limited 2008 6,810 0%ICICI Bank Limited 2007 23,068 0%IDBI Bank Limited 2008 37,301 1%IDBI Bank Limited 2008 8,174 0%Punjab National Bank 59,798 1%State Bank of Indore 2007 51,143 1%State Bank of India 78,364 1%State Bank of Mysore Limited 2008 13,035 0%UCO Bank Limited 2007 29,741 0%Union Bank of India Limited 2007 47,688 1%Union Bank of India Limited 2008 78,559 1%UTI Bank Limited 74,803 1%Yes Bank Limited 2008 106,810 2%
Bank services Total 2,576,941 38%
Non-Banking Financial Cos.(NBFCs) 10.75% Citicorp Finance India Limited 2008 53,420 1%10.75% Kotak Mahindra Prime Limited 2010 27,584 0%11.20% Kotak Mahindra Prime Limited 2008 30,131 0%11.30% Kotak Mahindra Prime Limited 2010 48,049 1%5.90% Citifinancial Consumer Finance India Limited 2007 9,966 0%6.00% Bajaj Auto Finance Limited 2010 5,973 0%6.85% Kotak Mahindra Prime Limited 2007 26,293 0%6.90% Citifinancial Consumer Finance India Limited 2007 10,337 0%7.00 % Kotak Mahindra Prime Limited 2007 15,546 0%7% Mahindra & Mahindra Financial Services Limited 2008 14,515 0%7.05% Citifinancial Consumer Finance India Limited 2008 96,027 1%7.05% Citifinancial Consumer Finance India Limited 2008 21,390 0%7.05% Mahindra & Mahindra Financial Services Limited 2008 5,792 0%7.90% Kotak Mahindra Prime Limited 2007 19,993 0%8.10% Citifinancial Consumer Finance India Limited 2007 34,621 1%8.25% Citicorp Finance India Limited 2008 20,895 0%8.38% Citicorp Maruti Finance Limited 2008 4,904 0%8.39% Citicorp Maruti Finance Limited 2008 9,766 0%8.60% Sundaram Finance Limited 2008 19,541 0%8.65% Cholamandalam DBS Finance Limited 2009 25,066 0%8.65% Citicorp Maruti Finance Limited 2008 21,482 0%8.70% Kotak Mahindra Prime Limited 2008 20,886 0%8.75% Citicorp Finance India Limited 2009 14,634 0%8.90% Citifinancial Consumer Finance India Limited 2009 12,622 0%9.10% Cholamandalam DBS Finance Limited 2009 32,023 0%Cholamandalam DBS Finance Limited 2009 54,513 1%Citifinancial Consumer Finance India Limited 2007 3,000 0%Citicorp Finance India Limited 2008 10,500 0%Citicorp Maruti Finance Limited 2008 15,000 0%GE Capital Service India Limited 2007 19,043 0%GE Money Financial Services Limited 2007 18,839 0%Kotak Mahindra Prime Limited 2007 53,738 1%L & T Finance Limited 2007 23,659 0%L & T Finance Limited 2009 6,900 0%Mahindra & Mahindra Financial Services Limited 2008 13,771 0%Sundaram Finance Limited 2008 10,000 0%Sundaram Finance Limited 2007 20,686 0%Sundaram Finance Limited 2007 21,092 0%
Non-Banking Financial Cos. (NBFCs) Total 872,196 13%
Others 3,178,695 47%
Net Current Assets 182,009 3%
Grand Total 6,809,841 100%
Pension Maximiser Fund
Industry Security Name Market Value
(Rs. in ‘000) % of NAV
Banking services HDFC Bank Limited 667,367 5%Punjab National Bank 230,555 2%State Bank of India 311,857 2%UTI Bank Limited 423,642 3%
Banking services Total 1,633,421 13%
Capital Goods ABB Limited 72,545 1%Bharat Heavy Electricals Limited 833,690 6%Larsen & Toubro Limited 639,959 5%
Capital Goods Total 1,546,194 12%
100
Pension Maximiser Fund
Industry Security Name Market Value
(Rs. in ‘000) % of NAV
Software HCL Infosystem Limited 11,007 0%Infosys Technologies Limited 1,013,338 8%KPIT Cummins Infosystems Limited 111,239 1%Satyam Computers Limited 772,887 6%Tata Consultancy Services Limited 344,000 3%
Software Total 2,252,471 17%
Others 7,379,235 57%
Net Current Assets 248,766 2%
Grand Total 13,060,087 100%
Pension Preserver Fund
Industry Security Name Market Value
(Rs. in ‘000) % of NAV
Banking services 10.95% Yes Bank Limited 2008 700 1%11.05% Canara Bank 2008 1,100 1%11.05% Corporation Bank Limited 2008 4,000 5%11.06% Canara Bank 2009 2,626 3%11.10% Punjab National Bank 2008 2,676 3%11.15% Corporation Bank Limited 2008 2,000 2%11.20% Canara Bank 2008 2,500 3%11.50% ICICI Bank Limited 2008 2,700 3%11.50% Punjab National Bank Limited 2008 1,000 1%11.50% UTI Bank Limited 2008 400 0%11.60% State Bank of Hyderabad 2008 4,000 5%8.50% UTI Bank Limited 2007 8,000 9%8.55% ICICI Bank Limited 2007 1,500 2%American Express Bank 2007 4,799 6%American Express Bank 2007 4,924 6%Canara Bank 2008 205 0%HSBC Bank 2007 2,981 4%State Bank of Indore 2007 2,973 4%State Bank of Patiala 2007 1,976 2%State Bank of Travancore 2007 4,752 6%State Bank oF Saurashtra 2007 4,917 6%State Bank of Hyderabad 2007 1,727 2%Union Bank of India Limited 2008 454 1%
Banking services Total 62,908 74%
Others 20,120 24%
Net Current Assets 1,617 2%
Grand Total 84,645 100%
Cash Plus Fund
Industry Security Name Market Value
(Rs. in ‘000) % of NAV
Banking services 10.75% Punjab National Bank 20,000 2%10.75% State Bank of Patiala 2008 7,500 1%10.75% UTI Bank Limited 2008 5,017 1%10.95% Yes Bank Limited 2008 5,000 1%11.05% Canara Bank 2008 9,800 1%11.05% Corporation Bank Limited 2008 7,500 1%11.06% Canara Bank 2009 11,837 1%11.10% Canara Bank 2009 8,350 1%11.10% Punjab National Bank 2008 9,230 1%11.10% UTI Bank Limited 2008 5,000 1%11.15% Corporation Bank Limited 2008 10,000 1%11.20% Canara Bank 2008 15,000 2%11.30% Canara Bank 2008 6,200 1%11.50% ICICI Bank Limited 2008 38,190 5%11.50% UTI Bank Limited 2008 12,100 1%11.60% State Bank of Hyderabad 2008 35,000 4%11.90% State Bank of India 2008 20,253 2%6.50% UTI Bank Limited 2009 930 0%6.75% IDBI Bank Limited 2008 1,868 0%8.20% ICICI Bank Limited 4,000 0%8.30% State Bank of Bikaner & Jaipur 2007 15,000 2%8.40% UTI Bank Limited 2008 4,868 1%8.50% UTI Bank Limited 2007 10,000 1%8.55% ICICI Bank Limited 2007 5,000 1%ABN Amro Bank Limited 2007 4,574 1%ABN Amro Bank Limited 2007 409 0%ABN Amro Bank Limited 2007 7,145 1%Allahabad Bank Limited 2008 2,691 0%Canara Bank Limited 2008 1,782 0%HSBC Bank 2007 7,866 1%ICICI Bank Limited 2008 2,270 0%ICICI Bank Limited 2007 5,890 1%IDBI Bank Limited 2008 9,098 1%IDBI Bank Limited 2007 9,909 1%IDBI Bank Limited 2008 13,539 2%Punjab National Bank 2008 12,499 1%State Bank of Indore 2007 11,329 1%State Bank of Saurashtra 2007 1,726 0%State Bank of Mysore 2008 2,442 0%
101
Cash Plus Fund
Industry Security Name Market Value
(Rs. in ‘000) % of NAV
State Bank of Travancore 2007 6,652 1%State Bank of Saurashtra 2007 4,917 1%State Bank of Hyderabad 2007 3,946 0%UCO Bank 2007 2,875 0%Union Bank of India 2007 4,769 1%Union Bank of India 2008 18,141 2%Yes Bank Limited 2008 10,120 1%
Banking services Total 412,232 49%
Non-Banking Financial Cos. (NBFCs) 10.75% Citicorp Finance India Limited 2008 2,414 0%10.75% Kotak Mahindra Prime Limited 2010 4,926 1%11.20% Kotak Mahindra Prime Limited 2008 5,346 1%11.30% Kotak Mahindra Prime Limited 2010 5,058 1%6% Bajaj Auto Finance Limited 2010 1,060 0%6.85% Kotak Mahindra Prime Limited 2007 1,436 0%6.90% Citifinancial Consumer Finance India Limited 2008 565 0%7% Kotak Mahindra Prime Limited 2007 1,467 0%7% Mahindra & Mahindra Financial Services Limited 2008 673 0%7.05% Citifinancial Consumer Finance India Limited 2008 2,803 0%7.05% Mahindra & Mahindra Financial Services Limited 2008 3,861 0%7.90% Kotak Mahindra Prime Limited 2007 2,999 0%8.10% Citicorp Finance India Limited 2007 2,968 0%8.25% Citicorp Finance India Limited 2008 3,434 0%8.38% Citicorp Maruti Finance Limited 2008 711 0%8.39% Citicorp Maruti Finance Limited 2008 1,953 0%8.60% Sundaram Finance Limited 2008 9,771 1%8.65% Cholamandalam DBS Finance Limited 2009 3,735 0%8.65% Citicorp Maruti Finance Limited 2008 2,661 0%8.70% Citicorp Maruti Finance Limited 2008 2,743 0%8.75% Citicorp Finance India Limited 2009 2,022 0%8.90% Citifinancial Consumer Finance India Limited 2009 1,731 0%9.10% Cholamandalam DBS Finance Limited 2009 5,389 1%Cholamandalam DBS Finance Limited 2009 6,804 1%Citicorp Finance India Limited 2007 4,927 1%Citicorp Finance India Limited 2008 1,350 0%Citicorp Finance India Limited 2010 20,000 2%Citicorp Maruti Finance Limited 2008 12,500 1%GE Capital Service India Limited 2007 1,434 0%GE Money Financial 2007 2,898 0%Kotak Mahindra Prime Limited 2007 9,952 1%L & T Limited 2007 3,324 0%L & T Limited 2009 4,700 1%Mahindra & Mahindra Financial Services Limited 2008 1,923 0%Sundaram Finance Limited 2008 5,000 1%Sundaram Finance Limited 2007 1,970 0%Sundaram Finance Limited 2007 2,773 0%
Non-Banking Financial Cos. (NBFCs) Total 149,278 18%Other financial institutions 5.85% Power Finance Corporation Limited 2010 7,199 1%
6.20% EXIM Bank of India 2008 1,614 0%7.50% Power Finance Corporation Limited 2009 5,354 1%7.70% NABARD 2009 9,992 1%8.00% EXIM Bank of India 2009 3,065 0%8.00% EXIM Bank Of India 2009 7,301 1%8.05% IDFC Limited 2009 9,847 1%8.05% IRFC 2007 1,427 0%8.10% IDFC Limited 2009 13,147 2%8.15% NABARD 2009 3,214 0%8.15% NABARD 2009 2,479 0%8.50% EXIM Bank of India 2011 3,827 0%8.55% Power Finance Corporation Limited 2011 2,551 0%8.57% IRFC 2016 1,645 0%8.60% IDFC Limited 2011 6,014 1%8.78% Power Finance Corporation Limited 2016 1,626 0%9.85% EXIM Bank of India 2017 2,898 0%EXIM Bank of India 2007 9,801 1%EXIM Bank of India 2007 4,886 1%
Other financial institutions Total 97,885 12%
Others 145,184 17%
Net Current Assets 36,942 4%
Grand Total 841,521 100%
Invest Shield Life Fund
Industry Security Name Market Value
(Rs. in ‘000) % of NAV
Banking services 10.75% Punjab National Bank 2008 10,000 2%10.75% State Bank of Patiala 2008 3,060 1%10.75% UTI Bank Limited 2008 2,638 0%10.95% Yes Bank Limited 2008 2,625 0%11.05% Canara Bank 2008 5,100 1%11.05% Corporation Bank Limited 2008 5,000 1%11.06% Canara Bank 2009 5,453 1%11.10% Canara Bank 2009 4,180 1%11.10% Punjab National Bank 2008 4,651 1%11.10% UTI Bank Limited 2008 7,000 1%11.15% Corporation Bank Limited 2008 5,000 1%11.20% Canara Bank 2008 12,000 2%
102
Invest Shield Life Fund
Industry Security Name Market Value
(Rs. in ‘000) % of NAV
Banking services Total 11.30% Canara Bank 2008 4,000 1%11.50% ICICI Bank Limited 2008 20,800 4%11.50% Punjab National Bank 2008 5,000 1%11.50% UTI Bank Limited 2008 6,650 1%11.60% State Bank of Hyderabad 2008) 17,500 3%11.90% State Bank Of India 2008 6,582 1%6.50% UTI Bank Limited 2009 419 0%6.75% IDBI Bank Limited 2008 991 0%8.20% ICICI Bank Limited 2007 3,000 1%8.30% State Bank of Bikaner & Jaipur 2007 8,000 1%8.40% UTI Bank Limited 2008 2,434 0%8.55% ICICI Bank Limited 2007 2,500 0%ABN Amro Bank Limited 2007 2,617 0%ABN Amro Bank Limited 2007 4,674 1%ABN Amro Bank Limited 2007 2,239 0%Allahabad Bank Limited 2008 1,303 0%Canara Bank 2008 932 0%HDFC Bank 2,867 1%HSBC Bank 2007 3,809 1%ICICI Bank Limited 2008 1,090 0%ICICI Bank Limited 2007 3,926 1%IDBI Bank Limited 2008 2,729 0%IDBI Bank Limited 2008 4,882 1%Punjab National Bank 545 0%Punjab National Bank 2008 1,540 0%State Bank of Indore 2007 4,708 1%State Bank of Saurashtra 2007 1,071 0%State Bank of India 4,717 1%State Bank of Mysore 2008 1,632 0%State Bank of Hyderabad 2007 2,466 0%UCO Bank 2007 1,784 0%Union Bank of India 2007 2,384 0%Union Bank of India 2008 5,343 1%UTI Bank Limited 5,364 1%Yes Bank Limited 2008 1,810 0%
Banking services Total 210,996 38%
Non-Banking Financial Cos.(NBFCs) 10.75% Citicorp Finance India Limited 2008 1,175 0%10.75% Kotak Mahindra Prime Limited 2010 2,636 0%11.20% Kotak Mahindra Prime Limited 2008 2,732 0%11.30% Kotak Mahindra Prime Limited 2010 3,035 1%6% Bajaj Auto Finance Limited 2010 563 0%6.85% Kotak Mahindra Prime Limited 2007 575 0%6.90% Citifinancial Consumer Finance Limited 2008 230 0%7% Kotak Mahindra Prime Limited 2007 880 0%7.05% Citifinancial Consumer Finance Limited 2008 1,740 0%7.05% Citifinancial Consumer Finance Limited 2008 4,753 1%7.05% Mahindra & Mahindra Finance Services Limited 2008 2,896 1%7.90% Kotak Mahindra Prime Limited 2007 2,499 0%8.25% Citicorp Finance India 2008 1,668 0%8.38% Citicorp Maruti Finance Limited 2008 441 0%8.39% Citicorp Maruti Finance Limited 2008 1,562 0%8.60% Sundaram Finance Limited 2008 7,816 1%8.65% Cholamandalam DBS Finance Limited 2009 2,457 0%8.65% Citicorp Maruti Finance Limited 2008 1,606 0%8.70% Kotak Mahindra Prime Limited 2008 1,630 0%8.75% Citicorp Finance India Limited 2009 1,203 0%8.90% Citifinancial Consumer Finance Limited 2009 1,074 0%9.10% Cholamandalam DBS Finance Limited 2009 2,870 1%Cholamandalam DBS Finance Limited 2009 4,024 1%Cificorp Finance India Limited 2007 2,463 0%Citicorp Finance India Limited 2008 800 0%Citicorp Finance India Limited 2010 24,000 4%Citicorp Maruti Finance Limited 2008 10,000 2%GE Money Financial Services Limited 2007 1,642 0%Kotak Mahindra Prime Limited 2007 3,981 1%L & T Finance Limited 2007 1,955 0%L & T Finance Limited 2009 2,400 0%Mahindra & Mahindra Financial Services Limited 2008 1,162 0%Sundaram Finance Limited 2008 4,000 1%Sundaram Finance Limited 2007 1,428 0%Sundaram Finance Limited 2007 1,644 0%
Non-Banking Financial Cos. (NBFCs) Total 105,542 19%
Others 218,047 39%
Net Current Assets 26,736 5%
Grand Total 561,321 100%
Maximiser Fund
Industry Security Name Market Value
(Rs. in ‘000) % of NAV
Auto Mahindra & Mahindra Limited 3,357,177 5%Maruti Udyog Limited 2,044,352 3%Tata Motors Limited 626,500 1%TVS Motor Company Limited 408,139 1%
Auto Total 6,436,167 10%
103
Maximiser Fund
Industry Security Name Market Value
(Rs. in ‘000) % of NAV
Banking Services ABN Amro Bank 2007 182,151 0%HDFC Bank Limited 3,689,378 6%ICICI Bank Limited 2008 108,952 0%IDBI Bank Limited 2007 30,024 0%Punjab National Bank 1,350,085 2%Punjab National Bank 2008 108,689 0%State Bank of Indore 2007 10,506 0%State Bank of India 1,433,044 2%UTI Bank Limited 1,504,559 2%
Banking services Total 8,417,390 13%
Capital Goods ABB Limited 372,711 1%Bharat Heavy Electricals Limited 4,087,619 6%Larsen & Toubro Limited 3,901,475 6%
Capital Goods Total 8,361,805 13%
Software HCL Infosystem Limited 50,322 0%Infosys Technologies Limited 5,386,093 8%KPIT Cummins Infosystems Limited 281,491 0%Satyam Computers Limited 4,083,006 6%TATA Consultancy Services Limited 1,731,932 3%
Software Total 11,532,844 18%
Others 28,277,294 44%
Net Current Assets 571,542 1%
Grand Total 63,597,041 100%
Preserver Fund
Industry Security Name Market Value
(Rs. in ‘000) % of NAV
Banking services 10.95% Yes Bank Limited 2008 10,000 1%11.05% Canara Bank 2008 19,100 2%11.05% Corporation Bank Limited 2008 50,000 4%11.06% Canara Bank 2009 29,587 2%11.10% Punjab National Bank 2008 5,346 0%11.15% Corporation Bank Limited 2008 19,000 2%11.20% Canara Bank 2008 24,000 2%11.50% ICICI Bank Limited 2008 26,300 2%11.50% UTI Bank Limited 2008 80,000 6%11.60% State Bank of Hyderabad 2008 52,500 4%8.20% ICICI Bank Limited 2007 26,000 2%8.30% State Bank of Bikaner & Jaipur 2007 25,000 2%8.50% UTI Bank Limited 2007 50,000 4%8.55% ICICI Bank 2007 40,000 3%ABN Amro Bank Limited 2007 143 0%American Express Bank 2007 89,259 7%American Express Bank 2007 39,390 3%IDBI Bank Limited 2007 5,648 0%IDBI Bank Limited 2008 10,443 1%State Bank of Indore 2007 4,361 0%State Bank of Patiala 2007 40,993 3%State Bank of Travancore 2007 23,759 2%State Bank of Saurashtra 2007 98,343 8%State Bank of Hyderabad 2007 64,128 5%
Banking services Total 833,300 66%Non-Banking Financial Cos. 8.10% Citicorp Finance India Limited 2007 1,978 0%(NBFCs) Citicorp Finance India Limited 2007 24,633 2%
Citicorp Finance India Limited 2007 83,575 7%GE Money Financial Services Limited 2007 9,661 1%L & T Finance Limited 2007 19,553 2%
Non-Banking Financial Cos. (NBFCs) Total 139,400 11%Other Financial Institutions EXIM Bank of India 2007 87,226 7%
EXIM Bank of India 2007 48,861 4%
Other financial institutions Total 136,087 11%
Others 134,052 11%
Net Current Assets 23,459 2%
Grand Total 1,266,298 100%
Pension Flexi Growth Fund
Industry Security Name Market Value
(Rs. in ‘000) % of NAV
Banking services ABN Amro Bank 2008 27,123 2%HDFC Bank Limited 16,684 1%Punjab National Bank 25,648 2%State Bank of India 25,362 2%UTI Bank Limited 30,570 3%
Banking services Total 125,388 10%Software Aztecsoft Limited 34,290 3%
Infosys Technologies Limited 46,726 4%Satyam Computers Limited 34,483 3%Tata Consultancy Services Limited 24,657 2%
Software Total 140,156 12%
Others 784,068 65%
Net Current Assets 157,373 13%
Grand Total 1,206,986 100%
104
Invest Shield Pension Fund
Industry Security Name Market value
(Rs. in ‘000) % of NAV
Banking services 10.75% Punjab National Bank 2008 1,100 1%10.75% State Bank of Patiala 2008 500 0%10.75% UTI Bank 2008 559 0%10.95% Yes Bank Limited 2008 600 1%11.05% Canara Bank 2008 1,100 1%11.05% Corporation Bank Limited 2008 1,030 1%11.06% Canara Bank 2009 1,348 1%11.10% Canara Bank 2009 880 1%11.10% UTI Bank Limited 2008 1,400 1%11.15% Corporation Bank Limited 2008 1,050 1%11.20% Canara Bank 2008 2,500 2%11.30% Canara Bank 2008 650 1%11.50% ICICI Bank Limited 2008 4,520 4%11.50% Punjab National Bank Limited 2008 2,000 2%11.50% UTI Bank Limited 2008 1,600 1%11.60% State Bank of Hyderabad 2008 3,700 3%11.90% State Bank of India 2008 1,347 1%6.75% IDBI Bank Limited 2008 248 0%8.20% ICICI Bank Limited 2007 700 1%8.30% State Bank of Bikaner & Jaipur 2007 1,650 1%8.40% UTI Bank Limited 2008 487 0%8.55% ICICI Bank 2007 1,000 1%ABN Amro Bank Limited 2007 552 0%ABN Amro Bank Limited 2007 984 1%ABN Amro Bank Limited 2007 476 0%Allahabad Bank Limited 2008 271 0%Canara Bank 2008 199 0%HDFC Bank Limited 739 1%HSBC Bank 2007 793 1%ICICI Bank Limited 2008 272 0%IDBI Bank Limited 2008 682 1%IDBI Bank Limited 2007 495 0%IDBI Bank Limited 2008 1,131 1%Punjab National Bank 202 0%Punjab National Bank 2008 272 0%State Bank of Indore 2007 961 1%State Bank of Saurashtra 2007 258 0%State Bank of India 999 1%State Bank of Mysore 2008 473 0%State Bank of Hyderabad 2007 493 0%UCO Bank 2007 436 0%Union Bank of India Limited 2007 477 0%Union Bank of India Limited 2008 1,361 1%UTI Bank Limited 1,354 1%Yes Bank Limited 2008 453 0%
Banking services Total 45,292 38%
Non-Banking Financial Cos.(NBFCs)
10.75% Citicorp Finance India Limited 2008 245 0%10.75% Kotak Mahindra Prime Limited 2010 553 0%11.20% Kotak Mahindra Prime Limited 2008 577 0%11.30% Kotak Mahindra Prime Limited 2010 759 1%6% Bajaj Auto Finance Limited 2010 121 0%6.85% Kotak Mahindra Prime Limited 2007 180 0%6.90% Citifinancial Consumer Finance India Limited 2008 72 0%7% Kotak Mahindra Prime Limited 2007 196 0%7.05% Citifinancial Consumer Finance India Limited 2008 396 0%7.05% Citifinancial Consumer Finance India Limited 2008 951 1%7.90% Kotak Mahindra Prime Limited 2007 500 0%8.25% Citicorp Finance India 2008 392 0%8.38% Citicorp Maruti Finance Limited 2008 98 0%8.39% Citicorp Maruti Finance Limited 2008 195 0%8.60% Sundaram Finance Limited 2008 1,954 2%8.65% Cholamandalam DBS Finance Limited 2009 491 0%8.65% Citicorp Maruti Finance Limited 2008 356 0%8.70% Kotak Mahindra Prime Limited 2008 352 0%8.75% Citicorp Finance India Limited 2009 250 0%8.90% Citifinancial Consumer Finance India Limited 2009 251 0%9.10% Cholamandalam DBS Finance Limited 2009 597 1%Cholamandalam DBS Finance 2009 887 1%Citicorp Finance India Limited 2007 493 0%Citicorp Finance India Limited 2008 200 0%Citicorp Finance India Limited 2009 5,000 4%Citicorp Maruti Finance Limited 2008 2,500 2%Kotak Mahindra Prime Limited 2007 498 0%L & T Finance Limited 2007 440 0%L & T Finance Limited 2009 299 0%Mahindra & Mahindra Financial Services Limited 2008 229 0%Sundaram Finance Limited 2008 1,000 1%Sundaram Finance Limited 2007 296 0%Sundaram Finance Limited 2007 355 0%
Non-Banking Financial Cos. (NBFCs) Total 21,683 18%
Others 43,093 36%
Net Current Assets 9,025 8%
Grand Total 119,092 100%
105
Pension Protector Fund
Industry Security Name Market Value
(Rs. in ‘000) % of NAV
Banking services 10.75% State Bank of Patiala 2008 22,500 1%10.75% UTI Bank Limited 2008 21,997 1%10.95% Yes Bank Limited 2008 21,000 1%11.05% Canara Bank 2008 41,900 1%11.05% Corporation Bank Limited 2008 31,600 1%11.06% Canara Bank 2009 37,502 1%11.10% Canara Bank 2009 34,820 1%11.10% Punjab National Bank 2008 39,169 1%11.10% UTI Bank Limited 2008 20,500 1%11.15% Corporation Bank Limited 2008 41,700 1%11.20% Canara Bank 2008 32,000 1%11.30% Canara Bank 2008 12,500 0%11.50% ICICI Bank Limited 2008 239,500 7%11.50% Punjab National Bank 2008 40,000 1%11.50% UTI Bank Limited 2008 100,000 3%11.60% State Bank of Hyderabad 2008 170,000 5%11.90% State Bank of India 2008 35,443 1%6.50% UTI Bank Limited 2009 5,115 0%6.75% IDBI Bank Limited 2008 24,965 1%ABN Amro Bank Limited 2007 29,625 1%ABN Amro Bank Limited 2007 7,145 0%Allahabad Bank 2008 11,044 0%Canara Bank 2008 7,644 0%HSBC Bank 2007 32,737 1%ICICI Bank Limited 2007 22,184 1%IDBI Bank Limited 2008 11,372 0%IDBI Bank Limited 2008 29,651 1%State Bank of Indore 2007 50,023 2%State Bank of Saurashtra 2007 17,792 1%State Bank of Mysore 2008 9,849 0%UCO Bank 2007 29,642 1%Union Bank of India 2008 22,676 1%Yes Bank Limited 2008 18,103 1%
Banking services Total 1,271,700 40%Non-Banking Financial Cos.(NBFCs)
10.75% Citicorp Finance India Limited 2008 9,958 0%10.75% Kotak Mahindra Prime Limited 2010 22,006 1%11.20% Kotak Mahindra Prime Limited 2008 22,360 1%11.30% Kotak Mahindra Prime Limited 2010 18,916 1%5.90% Citifinancial Consumer Finance India Limited 2007 15,945 0%6% Bajaj Auto Finance Limited 2010 4,637 0%6.85% Kotak Mahindra Prime Limited 2007 35,740 1%6.90% Citifinancial Consumer Finance India Limited 2008 14,050 0%7% Kotak Mahindra Prime Limited 2007 19,163 1%7.00% Mahindra & Mahindra Financial Services Limited 2008 14,419 0%7.05% Citifinancial Consumer Finance India Limited 2008 114,548 4%7.05% Citifinancial Consumer Finance India Limited 2008 19,013 1%7.05% Mahindra & Mahindra Financial Services Limited 2008 8,687 0%8.10% Citicorp Finance India Limited 2007 23,740 1%8.25% Citicorp Finance India Limited 2008 20,797 1%8.38% Citicorp Maruti Finance Limited 2008 4,904 0%8.39% Citicorp Maruti Finance Limited 2008 7,812 0%8.60% Sundaram Finance Limited 2008 21,984 1%8.65% Cholamandalam DBS Finance Limited 2009 25,950 1%8.65% Citicorp Maruti Finance Limited 2008 21,877 1%8.70% Kotak Mahindra Prime Limited 2008 20,796 1%8.75% Citicorp Finance India Limited 2009 14,249 0%8.90% Citifinancial Consumer Finance India Limited 2009 12,622 0%9.10% Cholamandalam DBS Finance Limited 2009 27,086 1%Cholamandalam DBS Finance Limited 2009 55,676 2%Citicorp Finance India Limited 2007 1,320 0%Citicorp Finance India Limited 2008 12,000 0%GE Capital Services India Limited 2007 16,802 1%GE Money Financial Services Limited 2007 18,356 1%L & T Finance Limited 2007 24,246 1%L & T Finance Limited 2009 28,800 1%Mahindra & Mahindra Financial Services Limited 2008 13,681 0%Sundaram Finance Limited 2008 11,250 0%Sundaram Finance Limited 2007 9,850 0%Sundaram Finance Limited 2007 21,094 1%
Non-Banking Financial Cos. (NBFCs) Total 734,336 23%Other financial institutions 5.85% Power Finance Corporation Limited 2010 56,357 2%
6.20% EXIM Bank of India 2008 40,636 1%7.70% NABARD 2007 90,864 3%8% EXIM Bank of India 19,459 1%8.00% EXIM Bank of India 2009 4,867 0%8.05% IRFC 2007 21,005 1%8.10% IDFC 2009 75,508 2%8.15% NABARD 2009 19,816 1%8.15% NABARD 2009 9,969 0%8.15% NABARD 2009 20,577 1%8.30% EXIM Bank of India 2007 10,001 0%8.50% EXIM Bank of India 2011 24,922 1%8.55% PFC 2011 13,986 0%8.57% IRFC 2016 9,008 0%8.60% IDFC 2011 34,080 1%8.78% PFC 2016 9,105 0%9.85% EXIM Bank of India 2017 3,997 0%EXIM Bank of India 2007 5,863 0%
Other financial institutions Total 470,021 15%
Others 638,773 20%
Net Current Assets 101,137 3%
Grand Total 3,215,968 100%
106
Secure Plus Pension Fund
Industry Security Name Market Value
(Rs. in ‘000) % of NAV
Banking services 10.75% State Bank of Patiala 2008 1,500 2%10.75% UTI Bank Limited 2008 457 1%10.95% Yes Bank Limited 2008 500 1%11.05% Canara Bank 2008 900 1%11.05% Corporation Bank Limited 2008 700 1%11.06% Canara Bank 2009 997 1%11.10% Canara Bank 2009 750 1%11.10% Punjab National Bank 2008 833 1%11.10% UTI Bank Limited 2008 1,500 2%11.15% Corporation Bank Limited 2008 900 1%11.20% Canara Bank 2008 1,300 2%11.30% Canara Bank 2008 550 1%11.50% ICICI Bank Limited 2008 4,300 6%11.50% Punjab National Bank 2008 500 1%11.50% UTI Bank Limited 2008 930 1%11.60% State Bank of Hyderabad 2008 4,300 6%11.90% State Bank of India 2008 506 1%6.50% UTI Bank Limited 2009 47 0%6.75% IDBI Bank Limited 2008 381 1%8.20% ICICI Bank Limited 2007 600 1%8.40% UTI Bank Limited 2008 487 1%ABN Amro Bank Limited 2007 543 1%ABN Amro Bank Limited 2007 876 1%ABN Amro Bank Limited 2007 429 1%Allahabad Bank 2008 242 0%Canara Bank 2008 161 0%HSBC Bank 2007 706 1%ICICI Bank Limited 2007 491 1%IDBI Bank Limited 2008 409 1%IDBI Bank Limited 2008 809 1%Punjab National Bank 2008 362 0%State Bank of Indore 2007 1,160 2%State Bank of Saurashtra 2007 307 0%State Bank of Mysore 2008 219 0%State Bank of Hyderabad 2007 493 1%UCO Bank 2007 516 1%Union Bank of India Limited 2007 429 1%Union Bank of India Limited 2008 816 1%Yes Bank Limited 2008 905 1%
Banking services Total 32,811 44%
Non-Banking Financial Cos. (NBFCs)
10.75% Citicorp Finance India Limited 2008 217 0%10.75% Kotak Mahindra Prime Limited 2010 451 1%11.20% Kotak Mahindra Prime Limited 2008 482 1%11.30% Kotak Mahindra Prime Limited 2010 961 1%6% Bajaj Auto Finance Limited 2010 99 0%6.85% Kotak Mahindra Prime Limited 2007 438 1%6.90%Citifinancial Consumer Finance India Limited 2008 172 0%7% Kotak Mahindra Prime Limited 2007 293 0%7.05% Citifinancial Consumer Finance India Limited 2008 503 1%7.05% Mahindra & Mahindra Finanical Services Limited 2008 965 1%8.25% Citicorp Finance India Limited 2008 392 1%8.38% Citicorp Maruti Finance Limited 2008 98 0%8.39% Citicorp Maruti Finance Limited 2008 195 0%8.60% Sundaram Finance Limited 2008 586 1%8.65% Cholamandalam DBS Finance Limited 2009 590 1%8.65% Citicorp Maruti Finance Limited 2008 394 1%8.70% Kotak Mahindra Prime Limited 2008 378 1%8.75% Citicorp Finance India Limited 2009 260 0%8.90% Citifinancial Consumer Finance India Limited 2009 271 0%9.10% Cholamandalam DBS Finance Limited 2009 537 1%Cholamandalam DBS Finance Limited 2009 1,000 1%Citicorp Finance India Limited 2007 493 1%Citicorp Finance India Limited 2008 200 0%Citicorp Finance India Limited 2009 1,200 2%Citicorp Maruti Finance Limited 2008 1,700 2%GE Money Financial Services Limited 2007 377 1%L & T Finance Limited 2007 489 1%L & T Finance Limited 2009 1,300 2%Mahindra & Mahindra Financial Services Limited 2008 250 0%Sundaram Finance Limited 2008 300 0%Sundaram Finance Limited 2007 383 1%
Non-Banking Financial Cos. (NBFCs) Total 15,974 22%Other financial institutions 5.85% PFC Limited 2010 947 1%
6.20% EXIM Bank of India 2008 327 0%7.50% PFC Limited 2009 252 0%8% EXIM Bank of India 2009 370 0%8.05% IDFC Limited 2009 492 1%8.05% IRFC 2007 469 1%8.10% IDFC 2009 3,591 5%8.15% NABARD 2009 369 0%8.15% NABARD 2009 372 1%8.50% EXIM Bank of India 2011 478 1%8.55% PFC Limited 2011 261 0%8.57% IRFC 2016 168 0%8.60% IDFC 2011 604 1%8.78% PFC Limited 2016 168 0%
Other financial institutions Total 8,868 12%
Others 13,525 18%
Net Current Assets 2,866 4%
Grand Total 74,045 100%
107
Balancer Fund
Industry Security Name Market Value
(Rs. in ‘000) % of NAV
Banking services 10.75% Punjab National Bank 2008 96,300 0%10.75% State Bank of Patiala 2008 74,100 0%10.75% UTI Bank Limited 2008 95,454 0%10.95% YES Bank Limited 2008 91,500 0%11% IDBI Limited 2008 30,046 0%11.05% Canara Bank Limited 2008 182,000 1%11.05% Corporation Bank Limited 2008 151,500 1%11.06% Canara Bank Limited 2009 163,520 1%11.10% Canara Bank Limited 2009 151,985 1%11.10% Punjab National Bank 2008 183,288 1%11.10% UTI Bank Limited 2008 90,000 0%11.15% Corporation Bank Limited 2008 182,000 1%11.20% Canara Bank 2008 237,275 1%11.30% Canara Bank 2008 50,000 0%11.30% Canara Bank 2008 63,420 0%11.50% ICICI Bank Limited 2008 965,000 4%11.50% Punjab National Bank 2008 84,800 0%11.50% UTI Bank Limited 2008 350,000 2%11.60% State Bank of Hyderabad 2008 1,040,000 5%11.90% State Bank of India 2008 142,783 1%6.50% UTI Bank Limited 2009 13,309 0%6.75% IDBI Limited 2008 62,984 0%8.20% ICICI Bank Limited 2007 97,000 0%8.40% UTI Bank Limited 2008 48,683 0%8.50% UTI Bank Limited 2007 35,000 0%8.55% ICICI Bank Limited 2007 60,000 0%ABN Amro Bank Limited 2007 111,320 1%ABN Amro Bank Limited 2007 137,783 1%ABN Amro Bank Limited 2007 119,365 1%Allahabad Bank Limited 2008 13,218 0%American Express Bank 2007 41,360 0%Canara Bank Limited 2008 33,192 0%HDFC Bank Limited 436,652 2%HSBC Bank Limited 2007 198,333 1%ICICI Bank Limited 2008 55,384 0%ICICI Bank Limited 2007 79,511 0%IDBI Bank Limited 2008 95,608 0%IDBI Bank Limited 2008 174,082 1%Punjab National Bank 203,271 1%State Bank of Indore 2007 145,242 1%State Bank of Saurashtra 2007 63,690 0%State Bank of India 311,735 1%State Bank of Mysore 2008 42,080 0%State Bank of Patiala 2007 44,451 0%State Bank of Hyderabad 2007 10 0%UCO Bank 2007 95,579 0%Union Bank of India Limited 2007 141,727 1%Union Bank of India Limited 2008 213,773 1%UTI Bank Limited 196,395 1%Yes Bank Limited 2008 214,254 1%
Banking services Total 7,909,965 36%
Non-Banking Financial Cos.(NBFCs)
10.75% Citicorp Finance India Limited 2008 43,389 0%10.75% Kotak Mahindra Prime Limited 2010 94,949 0%11.20% Kotak Mahindra Prime Limited 2008 99,730 0%11.30% Kotak Mahindra Prime Limited 2010 102,693 0% 5.90% Citifinancial Consumer Finance India Limited 2007 32,389 0%6% Bajaj Auto Finance Limited 2010 19,998 0%6.85% Kotak Mahindra Prime Limited 2007 78,394 0%6.90% Citifinancial Consumer Finance India Limited 2008 30,819 0%7% Kotak Mahindra Prime Limited 2007 51,330 0%7.00% Kotak Mahindra Prime Limited 2008 34,317 0%7.05% Citifinancial Consumer Finance India Limited 2008 287,773 1%7.05% Citifinancial Consumer Finance India Limited 2008 57,039 0%7.05% Mahindra & Mahindra Financial Services Limited 2008 27,993 0%7.90% Kotak Mahindra Prime Limited 2007 67,976 0%8.10% Citicorp Finance India Limited 2007 106,830 0%8.25% Citicorp Finance India Limited 2008 72,594 0%8.38% Citicorp Maruti Finance Limited 2008 18,634 0%8.39% Citicorp Maruti Finance Limited 2008 45,429 0%8.60% Sundaram Finance Limited 2008 48,853 0%8.65% Cholamandalam DBS Finance Limited 2009 142,138 1%8.65% Citicorp Maruti Finance Limited 2008 76,204 0%8.70% Kotak Mahindra Prime Limited 2008 74,172 0%8.75% Citicorp Finance India Limited 2009 47,500 0%8.75% Citicorp Maruti Finance Limited 2008 29,334 0%8.90% Citifinancial Consumer Finance India Limited 2009 61,138 0%9.10% Cholamandalam DBS Finance Limited 2009 111,024 1%Cholamandalam DBS Finance Limited 2009 192,635 1%Citicorp Finance India Limited 2007 56,565 0%Citicorp Finance India Limited 2008 35,500 0%Citicorp Maruti Finance Limited 2008 52,500 0%GE Capital Service India 2007 39,489 0%GE Money Financial Services Limited 2007 68,305 0%Kotak Mahindra Prime Limited 2007 108,272 0%L & T Finance Limited 2007 85,055 0%
108
Balancer Fund
Industry Security Name Market Value
(Rs. in ‘000) % of NAV
L & T Finance Limited 2009 78,900 0%Mahindra & Mahindra Financial Services Limited 2008 50,075 0%Sundaram Finance Limited 2008 25,000 0%Sundaram Finance Limited 2007 71,711 0%Sundaram Finance Limited 2007 74,811 0%
Non-Banking Financial Cos. (NBFCs) Total 2,801,457 13%
Others 10,487,599 48%
Net Current Assets 687,973 3%
Grand Total 21,886,994 100%
Secure Plus Fund
Industry Security Name Market Value
(Rs. in ‘000) % of NAV
Banking services 10.75% Punjab National Bank 2008 2,500 2%10.75% State Bank of Patiala 2008 2,500 2%10.75% UTI Bank Limited 2008 889 1%10.95% YES Bank Limited 2008 900 1%11.05% Canara Bank Limited 2008 1,800 1%11.05% Corporation Bank 2008 1,300 1%11.06% Canara Bank Limited 2009 1,838 1%11.10% Canara Bank Limited 2009 1,440 1%11.10% Punjab National Bank 2008 1,607 1%11.10% UTI Bank Limited 2008 3,000 2%11.15% Corporation Bank Limited 2008 1,720 1%11.20% Canara Bank Limited 2008 2,700 2%11.30% Canara Bank Limited 2008 1,100 1%11.50% ICICI Bank Limited 2008 6,600 5%11.50% Punjab National Bank 2008 500 0%11.50% UTI Bank Limited 2008 1,650 1%11.60% State Bank of Hyderabad 2008 7,500 5%11.90% State Bank of India 2008 1,013 1%6.50% UTI Bank Limited 2009 140 0%6.75% IDBI Limited 2008 534 0%8.20% ICICI Bank Limited 2007 1,000 1%8.40% UTI Bank Limited 2007 974 1%ABN Amro Bank Limited 2007 1,027 1%ABN Amro Bank Limited 2007 1,608 1%ABN Amro Bank Limited 2007 857 1%Allahabad Bank Limited 2008 463 0%Canara Bank Limited 2008 312 0%Corporation Bank Limited 11 0%HSBC Bank Limited 2007 1,362 1%ICICI Bank Limited 2007 982 1%IDBI Bank Limited 2008 1,365 1%IDBI Bank Limied 2008 2,129 2%Punjab National Bank 2008 725 1%State Bank of Indore 2007 2,359 2%State Bank of Saurashtra 2007 506 0%State Bank of India 36 0%State Bank of Mysore 2008 416 0%State Bank of Hyerabad 2007 1,480 1%UCO Bank Limied 2007 843 1%Union Bank of India Limitd 2007 858 1%Union Bank of India Limited 2008 1,451 1%Yes Bank Limited 2008 453 0%
Banking services Total 62,446 45%
Non-Banking Financial Cos.(NBFCs)
10.75% Citicorp Finance India Limited 416 0%0.75% Kotak Mahindra Prime Limited 2010 883 1%1.20% Kotak Mahindra Prime Limited 2008 928 1%1.30% Kotak Mahindra Prime Limited 2010 263 0%6% Bajaj Auto Finance Limited 2010 199 0%6.85% Kotak Mahindra Prime Limited 575 0%6.90% Citifinancial Consumer Finance India Limited 230 0%7% Kotak Mahindra Prime Limited 2007 587 0%7.05% Citifinancial Consumer Finance India Limited 2008 802 1%7.05% Mahindra & Mahindra Financial Services Limited 2008 1,931 1%8.10% Citicorp Finance India Limited 2007 989 1%8.25% Citicorp Finance India Limited 2008 687 0%8.38% Citicorp Maruti Finance Limited 2008 172 0%8.39% Citicorp Maruti Finance Limited 2008 273 0%8.60% Sundaram Finance Limited 2008 1,954 1%8.65% Cholamandalam DBS Finance Limited 2009 885 1%8.65% Citicorp Maruti Finance Limited 2008 660 0%8.70% Kotak Mahindra Prime Limited 2008 665 0%8.75% Citicorp Finance India Limited 2009 472 0%8.90% Citifinancial Consumer Finance India Limited 2009 484 0%9.10% Cholamandalam DBS Finance Limited 2009 1,035 1%Cholamandalam DBS Finance Limited 2009 1,718 1%Citicorp Finance India Limited 2007 1,478 1%Citicorp Finance India Limited 2008 350 0%Citicorp Finance India Limited 2010 2,500 2%Citicorp Maruti Finance Limited 2008 3,000 2%GE Capital Service India Limited 2007 209 0%GE Money Financial Services Limited 2007 676 0%Kotak Mahindra Prime Limited 2007 1,990 1%L & T Finance Limited 2007 841 1%L & T Finance Limited 2009 1,500 1%Mahindra & Mahindra Financial Services Limited 2008 465 0%Sundaram Finance Limited 2008 1,000 1%Sundaram Finance Limited 2007 673 0%
Non-Banking Financial Cos. (NBFCs) Total 31,489 22%
109
Secure Plus Fund
Industry Security Name Market Value
(Rs. in ‘000) % of NAV
Other financial institutions 5.85% Power Finance Corporation Limited 2010 2,652 2%6.20% EXIM Bank of India 2008 594 0%7.50% Power Finance Corporation Limited 2009 512 0%8.00% EXIM Bank of India Limited 2009 691 0%8.05% IDFC Limited 2009 935 1%8.05% IRFC Limited 2007 599 0%8.10% IDFC Limited 2009 4,289 3%8.15% NABARD Limited 2009 709 1%8.15% NABARD 2009 630 0%8.50% EXIM Bank Limited 2011 861 1%8.55% Power Finance Corporation Limited 2011 696 0%8.57% IRFC Limited 2016 336 0%8.60% IDFC Limited 2011 1,257 1%8.78% Power Finance Corporation Limited 2016 280 0%
Other financial institutions Total 15,042 11%
Others 25,634 18%
Net Current Assets 5,542 4%
Grand Total 140,153 100%
3.27 Previous year comparatives
Previous year figures have been regrouped and reclassified wherever necessary to conform to current year
presentation.
For & on behalf of the Board of Directors
____________________ ____________________ ____________________
Azim Mithani K. V. Kamath M. P. Modi
Appointed Actuary Chairman Director
____________________ ____________________ ____________________
C. L. Baradhwaj Shikha Sharma H. T. Phong
Company Secretary Managing Director Director
____________________
N. S. Kannan
Executive Director
Place: Mumbai
Date: April 24, 2007
110
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED
RECEIPTS & PAYMENTS ACCOUNTFOR THE YEAR ENDED MARCH 31, 2007
(Rs. ‘000)
Particulars March 31, 2007 March 31, 2006
CASH FLOWS FROM OPERATING ACTIVITIES
Cash receipts from customers :Premium & Other receipts 91,762,467 48,632,476 Cash paid towards operating activities :Expenses & Withdrawals (37,780,899) (16,738,967)Reinsurance premium ceded (113,116) (57,006)Advances & Deposits (156,083) (70,555)Loan against policies (29,142) 8,512Taxes Paid (125,014) (38,204,254) (58,600) (16,916,616)
Net cash from operating activities (A) 53,558,213 31,715,860
CASH FLOWS FROM INVESTING ACTIVITIES
Sale of fixed assets 1,356 —Purchase of fixed assets (1,785,697) (1,784,341) (139,923) (139,923)Purchase of investments (560,396,884) (195,805,161)Loan 2,996 2,466 Margin money — 27,629 Sale of Investments 497,892,317 160,860,226 Interest & Dividend received 3,822,552 2,034,660
Net cash from investing activities (B) (60,463,360) (33,020,103)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of share capital 1,273,015 2,600,000 Share Premium on capital issued 7,552,136 —
Net cash used in financing activities (C) 8,825,151 2,600,000
Net increase in cash and cash equivalents (A+B+C) 1,920,004 1,295,757Cash and cash equivalents at beginning of the year 3,002,620 1,706,863
Cash and Cash Equivalents at end of the year 4,922,624 3,002,620
Note:Cash & cash equivalents at the end of the year includes: - Cash (Including cheques in hand & stamps in hand) 1,851,229 1,182,657 - Bank Balances & Money at call & short notice 3,071,395 1,819,963
[Including bank balance for linked business of 4,922,624 3,002,620Rs. 98,797 (Previous Year Rs. 543,644)]
As per our report of even date attached
For Walker, Chandiok & Co. For Haribhakti & Co. For and on behalf of the Board of DirectorsChartered Accountants Chartered Accountants
Khushroo B. Panthaky Manoj Daga Azim Mithani K. V. Kamath M. P. Modi H. T. Phong Partner Partner Appointed Actuary Chairman Director Director Membership No: 42423 Membership No: 48523 C. L. Baradhwaj Shikha Sharma N. S. Kannan Company Secretary Managing Director Executive DirectorPlace : MumbaiDate : April 24, 2007
111
Summary of Financial Statement
(Rs. In Lakhs)
Sr. No.
Particulars 2006-07 2005-06 2004-05 2003-04 2002-03
POLICY HOLDERS ACCOUNT
1 Gross premium income 791,299 426,105 236,382 98,928 41,762
2 Net premium income # 789,682 425,421 236,000 98,737 41,734
3 Income from investments (Net)@ 98,906 142,319 19,270 4,835 2,224
4 Other income (Pl. specify) 75,816 23,114 23,345 25,366 16,120
Contribution from the Shareholders a/c 75,800 23,067 23,335 23,677 15,838
Linked Income — — — 1,666 265
Fees and Charges 16 47 10 23 17
5 Total income 964,404 590,854 278,614 128,939 60,078
6 Commissions 52,551 28,339 17,796 8,651 3,647
7 Brokerage — — — — —
8 Operating expenses related to insurance business
152,296 72,383 46,152 29,638 17,512
9 Provisions for tax 1,226 610 — 1,257 —
10 Total Expenses 206,073 101,332 63,947 39,546 21,159
11 Payment to policy holders * 72,750 21,064 10,120 816 316
12 Increase in actuarial liability 64,314 32,895 22,467 24,843 18,723
13 Transfer to Linked Fund ***607,664 ***434,557 ***178,906 63,734 19,880
14 Surplus/Deficit from operations 13,602 1,006 3,175 — —
SHAREHOLDERS ACCOUNT
15 Total income under Shareholders Account 6,779 2,792 1,135 1,446 1,206
16 Profit/(loss) before tax (69,167) (20,333) (22,241) (22,390) (14,718)
17 Provisions for tax 4,276 1,545 1,079 233 —
18 Profit/(loss) after tax (64,891) (18,788) (21,162) (22,157) (14,718)
19 Profit/(loss) carried to Balance sheet (160,170) (95,279) (68,569) (47,407) (25,251)
MISCELLANEOUS
20 (A) Policyholders Account:
Total funds **1,497,502 **824,678 **346,833 58,220 31,936
Total Investments ^1,559,443 ^833,030 ^345,860 57,449 32,994
Yield on investments (%) 8% 24% 10% 11% 10%(B) Shareholders Account:
Total funds 50,103 25,548 23,930 20,097 17,142
Total Investments 15,672 44,847 32,095 21,853 12,813
Yield on investments (%) 11% 5% 4% 8% 13%
21 Yield on total investments 8% 23% 9% 10% 11%
22 Paid up equity capital 131,230 118,500 92,500 67,500 42,500
23 Net worth 50,103 25,548 23,931 20,097 17,142
24 Total Assets 1,569,090 861,569 373,939 164,817 70,003
25 Earnings per share (Rs.) (5.28) (1.82) (2.76) (4.14) (5.24)
26 Book value per share (Rs.) 3.82 2.16 2.59 2.98 4.03
# Net of reinsurance
@ Net of losses
* Inclusive of interim bonuses, if any
** Includes Provision for linked liabilities
^ Includes Assets held to cover linked liabilities
*** Represents increase in Unit reserve
112
Accounting Ratios
Sr. Particulars March 31, 2007 March 31, 2006
No.
1 New business premium income growth (segment-wise) (New business premium for current year divided by new business premium for previous year) Participating Life 81.6% 85.7% Non Participating 240.1% 819.2% Participating Pension 40.5% 16.7% Linked Life 159.1% 186.8% Linked Pension 660.9% 56.7% Linked Group 232.1% 174.5% Health 5,282.6% — Annuities Non Participating 3,642.3% —
2 Net retention ratio 99.8% 99.8% (Net premium divided by gross premium)
3 Ratio of expenses of management 19.3% 17.0% (Expenses of management divided by the total gross direct premium)
4 Commission Ratio 6.6% 6.7% (Gross commission paid to Gross premium)
5 Ratio of policyholders liabilities to shareholders funds 352.4% 439.4%
6 Growth rate of shareholders fund 96.1% 6.8%
7 Ratio of surplus to policyholders liability Nil Nil
8 Change in networth 96.1% 6.8%
9 Profit after tax/Total income Nil Nil
10 (Total Real Estate + Loans)/Cash & invested assets 1.8% 1.0%
11 Total Investment*/(Capital + Surplus) 498.7% 665.0%
12 Total Affiliated Investment/(Capital + Surplus) 12.6% 22.4% * Excludes Asset held to cover linked liabilities.
113
ICICI Prudential Life Insurance Company LimitedNew Business Profit – FY 2006-07
Introduction
Life insurance policies when sold usually result in an accounting loss in the first policy year. This is called strain and it arises largely due to the high acquisition costs associated with selling insurance and the prudential margin in the reserving basis. Measuring sales performance using statutory profit/loss figures then becomes contradictory as higher sales result in bigger losses. This also does not take into account the actual value created by the sale, which will accrue to the Company over the life of the policy. To overcome these issues, a measure like NBP is used to measure sales performance and value created by new business sales.
Definition
NBP is a metric for the economic value of the new business written during a defined period. It is measured as the present value of the future profits for the shareholders on account of new business sales, based on a given set of assumptions. Actual experience could differ from these assumptions especially in respect of expense over runs in the initial years.
The NBP has been calculated net of tax after providing for the cost of capital that would be required to support the business. The cost of capital is taken as the difference between the nominal value for the solvency capital and the present value, at the discount rate, of future release of the capital together with the investment earning on the solvency capital.
Basis of Preparation
NBP incorporates best estimate assumptions of future rates of investment returns, policy discontinuances, mortality, expenses, inflation, taxation, bonus rates and statutory valuation bases.
Economic Assumptions
The Company follows an active basis for setting economic assumptions. In view of the increase in interest rates during 2006-07, the economic assumptions have been revised. The economic assumptions used for calculation of NBP are as follows:
Particulars FY 2006-07 FY 2005-06Inflation 5.50% 5.00%Investment returns by asset class – Cash 7.00% 6.25%– Medium term G. Sec 7.70% 7.45%– Long-term G. Sec 8.00% 7.75%– Corporate Bonds 8.70% 7.45%– Equity 13.25% 13.00%Risk Discount Rate 13.25% 13.00%
Taxation at the current rate of 12.5% (plus 10% surcharge + 3% education cess) is assumed to apply unchanged throughout the projection period. The earning rate for each product category would depend on the asset mix of the funds relating to the product.
Results (Rs. millon)
Particulars FY 2006-07 FY 2005-06NBP 8,810 5,277
Sensitivity
The sensitivity of the NBP to the economic assumptions is given below: (Rs. millon)
Particulars Base Case +1% -1%
Investment income 8,810 9,348 8,229Risk Discount Rate 8,810 8,056 9,564
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ICICI PRUD
ENTIA
L LIFE INSU
RAN
CE COM
PAN
Y LIMITED
Annual Report 2006-07
Leadership through innovation
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED
Registered Office: ICICI PruLife Towers, 1089 Appasaheb Marathe Marg, Prabhadevi, Mumbai 400 025.
Tel: +91-22-4039 1600 or visit us at www.iciciprulife.com
Annual Report 2006-07
I VISION I
To be the dominant Life & Pensions player built
on trust byworld class people
& service
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